What type of coverage do you need?

monitor on laptop saying the words business insuranceWhen it is time to insure your business, you'll need a few basic types of coverage. Near the top of your list should be general liability insurance. It's there not only for you, but also for other people. That's why you need it - to protect your duty to your clients. But, what is it? A general liability policy is a great level of baseline coverage for any business owner. However, you'll often need to enhance it with a few extra types of coverage. The experts at Dean, Heckle & Hill are here to help you understand the process.

What is a General Liability Policy

A liability is a risk that you (and in this case, your business) pose to someone else. In other words, if you cause someone else harm, that's going to cost them money, literally and figuratively. The affected party might claim that you caused the accident. Therefore, you and your business might owe them this lost value. That's where liability insurance can step in.

With a general liability insurance policy, your policy can repay others for the harm you cause them. Therefore, they'll get help for accidents they experience that aren't their fault. Coverage can also protect your business from having to pay for the losses you accidentally cause out of your pocket. It can even cover your legal expenses if someone sues you.

What Does it Cover

Most general liability policies cover a couple of scenarios:
  • Bodily injury liability coverage pays for customers injured by visiting your business. For example, if someone slips and falls in a puddle in your bathroom, then this coverage might help you.
  • Property damage liability insures covers damage you do to a client's property. For example, if you go to their home to repair the electricity, but accidentally start a fire, this coverage can help you.
In a few cases, standard general liability policies will cover other types of damage. However, you'll likely need a few extra types of coverage to get more protection.

Extra Types of Liability Insurance

Once you have a general liability insurance policy for your business, ask your agent if they recommend other, specialty liability coverage. Some other perks you might need include:
  • Umbrella insurance that covers liability claims after you exceed the maximum limits of your general policy.
  • Errors & omissions coverage that pays for financial harm you cause clients through your advice or clerical errors.
  • Cyber liability insurance that helps protect customers in case your computer systems get hacked or damaged, causing them personal losses.

You will also likely need a variety of other policies depending on your industry-specific risks. Therefore, you should talk to one of our agents about the exact purpose and operations of the business. The better-tailored your coverage, the more you'll have help when you need it.

Also Read: General Liability Coverage for Your Art Gallery

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