BUSINESS LIABILITY INSURANCE
As a business owner, you may be wondering just how much liability insurance you need to protect your biggest assets. If you already have a commercial property policy in place, you know that your building, inventory, and equipment are protected. Your commercial auto policy specifically protects your company vehicles and your workers’ compensation policy safeguards your employees – so, you should be good, right? Not exactly.
There is actually one additional business policy that protects your operation’s most important asset – you – and it’s called General Liability Insurance. This essential policy provides a way to protect yourself financially and your operation, should you, an employee, or one of your products or services cause a loss to a third party, including property damage, bodily injury, or illness.
When it comes to securing your company’s future, there are quite a few liability policies to consider. Below are brief descriptions of four of the most common coverages for you and your business:
Commercial General Liability: If your services, products, or even your employees were to injure or harm your customers or their property, this policy could cover many of the associated costs, including medical and legal expenses, compensatory and punitive damages, as well as attorney fees.
Professional Liability: For many professional advice- and service-producing businesses, claims of negligence, misrepresentation, and inaccurate guidance are best protected by a professional liability or errors & omissions policy. This essential business policy covers the cost of defending against claims and damages.
Employee Practices Liability: This business policy protects you and your company against employee lawsuits claiming wrongful termination, sexual harassment, or discrimination. This coverage can be added as a stand-alone insurance policy or as an endorsement to your Commercial Package Policy.
Commercial Umbrella Insurance: Excess liability or commercial umbrella coverage is specifically designed to enhance and broaden your business’ overall liability insurance coverage. If you were to reach the limits of any of your commercial insurance policies, an umbrella policy would act as a safety net and provide the additional coverage you require.
Directors and Officers Liability
Employee Benefits Liability
Fact or Fiction? Small business owners have no choice but to buy a separate liability insurance policy.
If you believe this statement to be true, you have likely never heard of a Businessowner’s Policy or BOP. This comprehensive insurance policy conveniently bundles together some of the most common business insurance coverages, including liability insurance, business interruption insurance, and commercial property insurance. In addition to streamlining your business insurance needs, a BOP policy is specifically designed to protect your small or mid-sized operation from today’s most common liabilities including business interruption loss, fire, burglary, vandalism and more.
If you are currently looking for liability insurance for your business and are intrigued by the additional coverages a BOP policy provides, we don’t blame you. With over 40 years of experience, the Chisholm team has placed over 300 businesses, ranging from local contractors, service garages, convenience stores, manufacturers, restaurants, and coffee shops into quality BOP policies, and are more than happy to do the same for you.
Whether you are looking for a new and reliable business insurance partner to align yourself with, need help to understand your specific business’ liability insurance requirements, or simply have a commercial insurance question that needs answering, our team of knowledgeable professionals is here to support you.
To schedule your complimentary policy review, or to learn more about our local and independent agency, call us today at 508-358-6111 or stop by our convenient Wayland location.