Running a business always comes with a certain amount of liability risk. It is not uncommon for businesses to face claims of bodily injury or property damage that can result in lengthy legal battles and ultimately, expensive settlements and judgments. Because of this risk, it is vital to have liability insurance to protect yourself and your business.
What Is Liability Insurance?
Liability insurance is a type of insurance coverage that protects the insured party from claims that can result from injuries and/or damage to third parties or their property. It can cover things like legal costs, judgements/settlements, and medical bills.
How Much Does Liability Insurance Cost?
Unfortunately, there is no one set price for liability insurance. The cost of liability insurance can vary widely and is impacted by a number of factors. Some of these factors are things like your location, your claim history, the size of your business, and the amount of coverage your business needs.
What Types Of Liability Insurance Are Available?
There are many different types of liability insurance. Each type addresses certain needs. Some of the available types of liability insurance are:
- Employer’s liability
- Product liability
- Director and officer liability
- Umbrella liability
- General liability
- Professional liability
Running a business comes with a certain amount of liability risk. Liability insurance can help everything run far more smoothly.