As a small business owner, it is important to consider purchasing liability insurance to protect your business from potential lawsuits and claims. There are many types of liability insurance available, including general liability, professional liability (also known as errors and omissions), and product liability insurance.
General liability insurance covers bodily injury and property damage caused by your business operations, as well as certain types of advertising injury such as libel or slander. Professional liability insurance covers claims of negligence or errors in your professional services, such as accounting or legal advice. Product liability insurance covers claims related to injuries or property damage caused by a product that your business sells.
The type of liability insurance that you need will depend on the nature of your business and the types of risks it may face. For example, a construction company may need general liability and product liability insurance to protect against accidents on job sites and potential defects in the products they use, while a technology consulting firm may opt for professional liability insurance to protect against claims of errors in their advice.
It is important to carefully review your insurance policy to understand its coverage limits and any exclusions or exceptions. Additionally, it may be beneficial to consider purchasing umbrella insurance, which provides additional coverage beyond the limits of your primary liability policy.
Consulting with an experienced insurance broker or attorney can help you determine the appropriate liability insurance for your small business and ensure that you have adequate protection in the event of a lawsuit or claim.
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