When you operate a business, you’re taking on a lot of responsibilities and putting a lot on the line. You need to be protected by insurance and know the total amount of coverage your business needs to protect yourself. You may navigate this https://reithandassociates.com/ to get a proper breakdown of what the varying levels of liability insurance coverages are, how much you should spend on liability insurance for your business, as well as what kind of protection each coverage provides.
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The following are three types of coverage businesses should consider property, bodily injury, and product liability.
Property Coverage protects businesses from damage to their physical assets, such as buildings or equipment. This type of coverage typically includes $100,000 per occurrence for direct physical damage and $300,000 per occurrence for indirect physical damage, such as loss of trade or revenue.
Bodily Injury Coverage pays for medical expenses and lost wages if someone is injured at your business. This coverage typically has a $250,000 per occurrence limit and covers both employees and customers.
Types of Liability Insurance
-Contractors' insurance covers damage or injury caused by work activities performed under a contract with a client or customer.
-General liability insurance protects businesses from claims made by customers, clients, or others who have a relationship with the business.
-Employee benefits insurance covers lost wages and medical expenses that may be incurred as a result of an employee’s wrongful conduct.
-Products liability insurance covers products that you produce or sell, regardless of whether you have been negligent in producing them.
-Computer software liability insurance protects businesses from claims that arise from the use of computer software licensed or sold to them by third parties.
Conclusion
To get started calculating the cost of liability insurance for your business, consult an insurance agent or broker who can help create a custom policy specific to your needs.
