What Types of Liability Insurance Should I Consider for My Small Business?
Even as a small business, it is vitally important for you to have the right kind of liability insurance. This is the insurance that will protect your business not just from incidental situations, but from the very real and very common situations that every business faces, even if it is just run out of your home. Here are the types of liability insurance you want to look at:
- General liability insurance – If you, your employees, your services, or your products are evercharged with having harmed someone or caused damage to property, general liability insurance is here to help. This is the type of insurance that will both cover the cost of those damages and provide defense, should a legal case be brought against you. You might not think that someone would ever target your business or that the products or services that you sell could ever cause someone serious harm, but the truth is that almost all businesses will, at some time, have a customer or client that accuses of them of something like this.
- Professional liability insurance –This type of liability insurance may also be referred to as errors and omissions policies. For example, if your small business provides a service, a client might claim that you did not provide that service at all or that you provided it improperly. In this situation, your general liability insurance might not cover your defense and damages. Professional liability is a common types of insurance for consultants, hair salons, law firms, accountants, real estate agents, and similar service providers. You should talk to an insurance agent to see if your business would require this type of insurance.
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