Business Liability Insurance: A Must-Have Product for Your Companyby Vikash Kumar Digital Marketing Manager
The importance of insurance for any business is undeniable. It is the best way to save your business in case of any catastrophic loss and protect your cash flow if an unexpected accident occurs. Business liability insurance or commercial liability insurance is a vital part of your business insurance.
What is business liability insurance?
To put it simply, if your business gets sued by another party, business liability insurance responds. Your company can be sued due to the result of property damage caused by your employee/s or due to a claim for bodily injury to your employee or a third party. It can also protect you by paying the legal fees to defend your company against the suit. Liability can also make the settlement on behalf of you.
What your business liability insurance cover:
A typical business liability insurance covers the claims for bodily or other physical injuries (libel or slander), property damage and advertising injury because of your products, operations and premises. The policy allows you to continue with your normal activity while dealing with the real or fraudulent claims of wrongdoing or negligence.
Business liability insurance provides protection against four types of claims. They are –
1. Bodily injury and property damage liability:
It can be said that the cornerstone of business liability insurance is bodily injury and property damage liability. It protects you if your employee causes damage to a third party’s property. Liability insurance also responds if a third party is injured by your company or its employees.
2. Personal injury liability:
Personal injury liability focuses more on words than on physical injury. It protects you if your business or organization is sued for libel or slander. This insurance policy helps in bring back the reputation and position of your company in the community.
3. Tenants’ legal liability:
If your office is on a rental property, tenant’s legal liability protects you if there is any damage to the property. In fact, it also provides restitution to your landlord in case you cause a fire that damages the rental property.
4. Medical payments:
If someone is injured in your commercial place, it is your responsibility to pay the medical bill. The medical payment coverage responds in this case and helps you financially. Medical payment coverage covers all the expenses of the injured person.
If you own a business and don’t have business liability insurance till now, don’t wait. You can find a number of insurance broker agencies in Los Angeles that offer the most suitable business liability insurance for you.
Created on Sep 20th 2018 06:59. Viewed 377 times.
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