Often times, businesses are required to provide a certificate of liability insurance to conduct business. Commercial liability insurance is designed to provide coverage for damages your business is responsible for. Damages can include, but are not limited to, medical expenses, attorney fees, and property damage. It is important to read through your policy to get a better understanding of what may or may not be a covered loss.
General Liability Insurance – General liability insurance forms the basis of a policy's liability coverage. For example, claims for property damage against your business, medical expenses, advertising injury, and judgments/settlements against your business can be covered under general liability.
Employment Practices Liability Insurance – Depending on the size and type of your business, carrying employment practices liability can be very important. Employment practices liability can provide coverage for defense costs or damages relating to employment practices. Claims may arise from allegations of workplace harassment, wrongful termination, and discrimination to name a few.
Errors & Omissions Insurance - Errors & omissions insurance is a type of professional liability insurance. E&O coverage can protect against claims of faulty work or negligent actions. For example, a contractor installs a retaining wall and a couple of months later the retaining wall fails. It is ruled faulty workmanship was the cause of the retaining walls failure, and the retaining wall will need to be re-constructed. Contractor's errors & omissions coverage could provide coverage for the costs associated with re-constructing the retaining wall. It should be noted if property damage or bodily injury results from the faulty workmanship, that would likely fall under general liability. Errors & Omissions is designed to supplement general liability.
Commercial Umbrella Liability Insurance – An umbrella policy is designed to provide extra coverage for costs that exceed base policy limits. Umbrella coverage can extend over the top of multiple policies. For example, a company may have a business owner's policy and a business auto policy. In the event the business is liable for damages that exceed either of the base polices, the umbrella policy would kick in.
Interested in comparing rates and coverages? Let us review your commercial auto policy today.
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