Purchasing insurance is just smart business. No matter their size, businesses should always take the time and money required to ensure they are protected against many of the most common and most costly events that businesses can face.
Business attorneys in Wheeling are often asked what protections businesses can find to cover their damages. Several of these commonly purchased types of insurance are offered by major insurers and are often bundled into plans. Others may be available on an individual basis depending on each business’ unique needs.
General liability
According to the Small Business Administration, companies can purchase general liability insurance to cover any legal damage they may sustain due to accidents, injuries and negligence claims. These policies often protect companies from having to personally cover payments for the following:
- Cost of defending lawsuits
- Bodily injury
- Medical expenses
- Libel and slander
- Property damage
- Settlement bonds and judgements during appeal
The policies may also be known as commercial liability insurance. Additional coverage under these plans may include damage to business property and independent contractor coverage.
Protection for commercial property
Businesses with any assets may want to consider purchasing commercial property insurance. Business attorneys in Wheeling know these policies can cover everything related to the damage and loss of company property. Policies can include coverage for damages from smoke, fire, wind and hail storms, vandalism, and even civil disobedience. The term “property” is used generally and often includes lost income and business interruption in addition to buildings, office equipment, company documents and money.
Errors & Omissions
For certain businesses, operating without Error & Omissions, also known as professional liability insurance, is a major mistake. This type of coverage is essential for businesses that provide services to clients. Doctors, accountants, lawyers, engineers, and architects are just some of the professionals that can find themselves unable to pay for the costs of legal defense without coverage. The insurance is designed to cover the insured in the event they find themselves facing a lawsuit due to the unexpected effects of a service that they provided, or failed to provide.
Product liability
When businesses sell actual products instead of services, they may benefit from purchasing coverage for the effects of those products. Product liability insurance may be appropriate for companies that manufacture, distribute, wholesale and retail a product or products. If a business’ product causes a person bodily harm or injury, product liability coverage is meant to cover the business from the financial loss they may face. The type of product liability insurance that a business uses depends on the type of products being sold.
Businesses face varying amounts of exposure within their particular markets. Those who need assistance determining their exposure and the potential for liability should contact business attorneys in Wheeling.
