Does your business have enough liability coverage?
If you are relying on the liability coverage provided through a Business Owner’s Policy (BOP), then chances are you do not have enough. Although a BOP does provide liability coverage for businesses, it is often at a small limit and not enough to cover costs due to claims and lawsuits.
Does your business qualify for general liability coverage?
It is important to know which market your business falls into before you shop for liability insurance. Those businesses that fall into the “excess surplus market” (i.e. “dangerous” occupations such as roofers, siders, etc.) have to purchase excess liability insurance. If your business falls into the “standard market” (i.e. technology companies, lawyers, etc.) then you qualify for general liability insurance.
General liability insurance protects your business from a variety of things. Typically, your insurance agent can create a customized policy for you to include different types and amounts of coverage. The following coverage is often included in a general liability line:
- Business Personal Property (BPP)
- Protection of your business’ property from claims due to:
- Bodily injury
- Property Damage
- Terrorism coverage
- And more….
General Liability insurance protects a business from many liability issues, but business owners should also consider adding specialized liability coverage like errors & omissions insurance.