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Liability Insurance Overview

What is Liability Insurance?
Liability insurance also known as Commercial insurance protects you in the event you are sued for claims that come within the coverage of your liability insurance policy. If you are a small business owner, there are many reasons why you should learn more about what commercial insurance means to you.
What kind of insurance is best for your small business?
The insurance you choose depends upon the details of your business. Some people choose professional liability insurance some choose general liability insurance and many select both.
General liability insurance also known as Commercial General Liability (CGL) protects your business from another person or business’s claims of bodily injury, associated medical costs and damage to property. Some examples of what could be covered are below:
Bodily injury :A client falls over your bag and you are legally liable for the injury. We will cover the subsequent claim and related medical expenses up to your General Liability policy’s limits of liability.
Property damage and data loss : You spill coffee on a client’s server causing damage and loss of data. We will cover the subsequent claim up to your General Liability policy’s limits of liability.
Personal injury : One of your employees is at lunch. He talks to the owner of the shop about one of your clients in a false and unflattering way. The client learns of this discussion and sues for slander. We will cover the subsequent claim, up to your General Liability policy’s limits of liability, and pay for an attorney to defend you if necessary.
Professional liability insurance, sometimes called errors and omissions insurance (E&O insurance) is coverage for another person’s claims against businesses that provide professional and personal services. Some examples of what could be covered are below:
Protection even if you haven’t made a mistake : You advise a client to change some internal processes to increase productivity. The recommendations aren’t implemented as you had specified and productivity subsequently drops by 15% rather than improving. Or if you manage the development of a new product. There are problems with the project (which are out of your control) and you cannot deliver the final product in a timely manner. If your client sues you, we will appoint an attorney to defend you under a Professional Liability policy.
Negligent acts :You advise a client to update their employment practices. Six months later, your client contacts you, stating a part-time employee is suing the company. You had left out a key requirement on the amount of hours part-time employees are permitted to work. If your client sues you, we will appoint an attorney to defend you under a Professional Liability policy.
Business Owners Policy (BOP) is a combination of general liability and business property insurance. BOP insurance is often used to provide balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:
Office insurance for fire and business interruption.
Electronic data loss insurance.
Hired or non-owned vehicle liability insurance.
Commercial Crime insurance to cover the dishonesty of your employees.

General Liability Insurance

What is business General Liability Insurance?
General liability insurance protects your business from another person or business’s claims of bodily injury, associated medical costs and damage to property. Some examples of what could be covered are below:
Bodily injury :A client falls over your bag and you are legally liable for the injury. We will cover the subsequent claim and related medical expenses up to your General Liability policy’s limits of liability.
Property damage and data loss : You spill coffee on a client’s server causing damage and loss of data. We will cover the subsequent claim up to your General Liability policy’s limits of liability.
Personal injury : One of your employees is at lunch. He talks to the owner of the shop about one of your clients in a false and unflattering way. The client learns of this discussion and sues for slander. We will cover the subsequent claim, up to your General Liability policy’s limits of liability, and pay for an attorney to defend you if necessary.
Learn more by watching our general liability insurance guide
Get Liability Insurance that best meets your needs.
General liability insurance will not protect you from everything. For example General liability will not cover you against claims of negligence, even if it isn’t you or your business’ fault. Some people buy other business liability insurance along with general liability
Professional liability insurance, also known as E&O Insurance, is coverage for another person’s claims against businesses that provide professional and personal services.
Business Owners Policy (BOP) is enhanced insurance that combines general liability insurance and property insurance.
Why do you need General Liability Insurance?
You should consider general liability insurance coverage, also called commercial general liability insurance, if you or your employees:
Interact with clients face to face – If you visit a client’s place of work, or clients visit yours
Have access to a client’s equipment – For example, IT professionals should be covered against potential claims with IT business liability insurance
Represent your client’s business
Use third-party locations for any business related activities – For example, architects should make sure that they’re covered with architects business liability insurance
Are required to have general liability insurance before entering into a contract
Why choose coverage?
We specializes in business liability insurance for professional services businesses like yours.
Customized Insurance: We specialize in businesses like yours and tailor coverage to the risks in your field.
Coverage for contracts: Our liability insurance coverage satisfies most standard contract insurance requirements.

Professional Liability Insurance

Why do you need professional liability insurance?
Professional liability insurance, also called errors and omissions insurance (E & O insurance), protects your business if you are sued for negligently performing your services, even if you haven’t made a mistake.
You should seriously consider this coverage if your business:
provides a professional service.
regularly gives advice to clients.
is requested by a client to have professional liability insurance to complete a contract.
Additional coverage benefits:
Flexible payment options: We offer you the option of making monthly payments to help you manage your cash flow.
Work done by temporary staff: Our professional liability insurance covers work done by your employees, temporary staff and independent contractors.
Why choose us?
We specialize in professional liability insurance for a range of professional services businesses.
Tailored coverage: We specialize in businesses like yours and tailor coverage to the risks in your field.
Passion for service: Knowledgeable agents provide exceptional service – 96% of people surveyed recommend us.
Coverage for contracts: Our professional liability coverage satisfies most standard contract insurance requirements.

Errors & Omissions Insurance

Why do you need errors and omissions insurance?
If you have a professional services business, having errors and omissions insurance coverage can be an integral part of protecting your business. Accusations of negligence or the failure to perform your professional services are things that any professional services business can be sued for, even if it hasn’t made a mistake.
You should seriously consider this coverage if your business:
provides a professional service.
regularly gives advice.
is required by its clients to have E & O insurance.
Additional coverage benefits:
Monthly payment options: Spread out your payments (with no fees) to help manage your cash flow.
Work completed by temporary staff is covered: Professional liability coverage work done by full-time employees and temporary staff, as well as independent contractors.
Past work covered: Unlike some of our competitors’ policies, our errors and omissions insurance covers unknown claims arising from work completed before you were even insured with us, back to an agreed date.
Why choose us?
We specialize in errors and omissions insurance (E & O insurance), also known as professional liability insurance for professional services businesses. That’s why we have made it easier for small business owners to buy E & O coverage direct and online.
Tailored coverage: We specialize in businesses like yours and tailor coverage to the risks in your field.
Passion for service: Knowledgeable agents provide exceptional service – 96% of people surveyed recommend us.
Coverage for contracts: Our errors & omissions coverage satisfies most standard contract insurance requirements.

Business Owner's Property

Many small business owners mistakenly believe that if they have general liability insurance, their own losses are covered as well as the losses of their customers. But a general liability policy does not protect you when it comes to your OWN property. If you want to protect your own property consider buying Business Owners Policy (BOP).
Business Owners Policy (BOP) is enhanced insurance that combines general liability insurance and property insurance.
Business Owners Policy (BOP) covers:
General liability insurance which protects your business from another person or business’ claims of bodily Injury, associated medical costs and damage to their property.
Property Liability Insurance – your business furniture and equipment at up to five different office locations, which includes accidental damage.
You should consider a business owners policy if you
Need general liability insurance coverage.
Have business equipment such as computers, printers and furniture.
Own the building at which you work and need to insure the property.
Own and work with large amounts of data on a regular basis.
Have employees who could act dishonestly or steal clients’ property.
Customize your Business Owner Policy (BOP)
Depending upon the specific needs of your business, you can customize your BOP policy by choosing options such as:
Office insurance for fire and business interruption.
Electronic data loss insurance.
Hired or non-owned vehicle liability insurance.
Commercial Crime insurance to cover the dishonesty of your employees.
Terrorism
What Business Owners Policy (BOP) does NOT Cover
Business Owners Insurance does not protect you from Professional Services. For example
Certain claims, including those arising from professional services you perform.
Client damages if you provide inaccurate or incomplete advice to a client.
To get professional services you can choose to buy a Professional Liability insurance policy in addition to Business Owners Policy.

 

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