Why do we need business insurance?

Liability Insurance is a must for all businesses. Even if your business is not prosperous enough to make people want to sue you, Liability Insurance is essential. It covers injuries to your employees and customers as well as legal charges in case you are sued for injury caused to someone on your premises. Some Liability Insurance can cover you from claims of personal injury, such as libel or other abuse undermining your reputation.

Even if you think your business does not involve anything in the least dangerous and you take all preventive measures, the right Liability coverage can be very helpful. Remember that you are obliged to pay for injuries and property damages caused by your employees. You may even be held liable for injuries that unauthorized visitors who enter your business premises might get. Thus, carrying Business Liability Insurance protects you from financial crash and eases nervous strain.

How many types of business insurance (Common Used)?

1. General Liability Insurance (Commercial General Liability)

You need this coverage to protect yourself from injury or property damage claims. In the insured event you will have ample cover to protect your business.

2. Professional Liability Insurance

Carrying Professional Liability policy is often a legal requirement. It protects you from claims of your clients who suffer losses resulting from your malpractice, advice, errors or negligence.

3. Product Liability Insurance

If you produce and sell goods, service or repair works, Product Liability Insurance protects your business in the event your product causes injury or damage to another business or person. The level of risks as well as the amount of coverage depends on your business type and products you sell. Though the need for Liability Insurance is not so obvious with some businesses, the right policy can save a policyholder a lot of money in the long run.

Some of Business Liability policies include: Commercial General Liability Insurance (CGPL); Business Automobile Policy (BAP); Employers Liability and Workers Compensation; Manufacturers and Contractors Liability (M&C); Owners, Landlords and Tenants Liability Insurance Policy (Ol&t); and Physicians, Surgeons and Dentists Professional Liability.