What is Business Liability Insurance?

ANSWER: Coverage that protects a business from claims and lawsuits arising from actions during business operations. The insurance covers costs of defense and settlements and protects the business's assets. *


 

Business Liability Insurance

Your business is always at risk and needs protection from potential claims and lawsuits. Business liability insurance helps minimize that risk and covers the cost of defense and settlements resulting from such claims. Whether the actions from you or your employees were accidental, intentional, or even if you or your employees were innocent, there will be costs from at least defending your business in a lawsuit. Your business may be at risk from employees too, whether they were wrongfully terminated, harassed,  or discriminated. Coverage from liability insurance can protect your business entity.

Whether the damage is physical, financial, or psychological, there are many risks from business operations such as:

  • Injuries on Property or from Operations
  • Damages from Completed Services, Projects, or Products
  • Cyber Liability and Data Breach
  • Employment Practices Liability

Protect Your Business

All businesses are unique and require protection from different events that may occur during business operations. It is important to protect your finances and assets in the case of a lawsuit or claim. Research what types of risk that your business is most susceptible to and look for advice and quotes from various insurance agents.

 

Source: Investopedia: Business Liability Insurance

 

*This information is a guide only, it is not legal or financial advice. Always do due diligence to ensure you are not breaking the law.

Leave a Reply

Your email address will not be published. Required fields are marked *

18 − nine =