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What does business liability insurance cover?

Business Liability are actually damages to others that you are liable to pay for. Business Liability Insurance is of two types:

1. Commercial General Liability Insurance :  CGLI means that you are the responsible for the others damages and loss if anything goes wrong in your business premises. When it comes to buying a insurance for your business you must buy Commercial General liability insurance. Liability insurance is the main insurance you need to get in your business insurance policy. This is the coverage that protects you from a variety of claims. Such as bodily injury and property damage of visitors and even lawsuits which can rise from your business operations. Let’s move further to know what it exactly covers.

Bodily Injury- It protects you against the expenses for medical treatments of someone like a delivery boy or a fellow building tenant who gets injured in your business property by falling or slipping. At that time you are the liable person for the medical bills and loss of wages of the injured person. This coverage will be going to help you pay for this. It incurs all the medical expenses and even pay for any lawsuits filed by the affected person. Therefore Commercial General liability insurance for business is important for you.

Property Damage- It gives you protection for property damages of others visiting people at your office. For example if a fire happens at your office, then the other person’s property can also get damaged and that person can sues you to claim for the loss of his goods or property. Your liability insurance will cover this. It also covers the damages of neighbor’s property in case a fire broke out in your premises. So a visitor’s belongings such as phone and laptop are covered by Commercial general liability insurance.

Copyright/Defamation Lawsuit Coverage- This is the coverage which helps you pay for claims filed by your competitor. This coverage pay for lawsuit when your competitor sue you for the claim that your advertisements and marketing material looks too similar to theirs. This also covers any defamation lawsuit filed against you due to business operations

2. Professional Liability Insurance : Professional liability insurance covers the client lawsuits that you face during course of business. Such lawsuits are related to business operations that allege you of

– Made mistake in your product or services.

– Negligent services to clients.

– Missing project deadline and going over budget.

– Not adhering to agreement or contract.

To know more about Business Liability Insurance in detail, please feel free to contact our business insurance experts for consultation. You can also fill a simple inquiry form to get instant online quotes.

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