Lawsuits and other claims can be costly. And nowadays, you can be sued even if you are not at fault. Commercial liability insurance, along with business liability insurance, can help protect you and your business.
If a customer ends up slipping and falling in your store, or if an angry customer decides to sue you, you could be looking at a harmful lawsuit.
Types of Business Insurance
There are three core types of business insurance: professional liability, general liability, business owners policy, or BOP. You must have at least a basic knowledge of all three business insurance to help you decide which one is the right one for your business.
- Professional liability insurance: This policy covers experts and professionals against losses caused by negligent wrongful acts, professional duty, and advice and services that lead to someone else's injury or loss.
- General liability insurance: This policy covers third-party liability claims for damages and injuries to other people.
- Business owner policy or BOP: This policy is a combination of protection for all significant liability and property risks in one insurance package. The business owner policy assembles and constructs basic coverages required by a business owner in one package. Although, it is typically sold at a premium less than the cost of the individual coverages.
Other Business Insurance Coverages
- Product liability insurance: This policy covers damages and faulty products, sickness, injuries, or even death that may arise from using a defective or flawed product.
- Property insurance: This policy covers damages and other losses to your commercial business property caused by catastrophic events such as storms, fires, and other natural causes.
There are plenty of ways to purchase business insurance. You can go online or call an insurance agency. It is important to note that business insurance policies differ between companies, as well as the price of premiums. Do your research so you can choose the perfect fit for you and your business.
At Meyerson-Roth Co Inc, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (516) 432-5800. You can also request a free quote by CLICKING HERE.