THURSDAY, APRIL 22, 2021
 Essentially every business across any industry will need general liability insurance to protect their assets. However, a basic general liability insurance policy won’t cover everything.
What your policy doesn’t cover might guide your future insurance decisions. You might need to buy more liability policies to shore up risks not protected already.
Understanding Standard General Liability Coverage
General liability coverage protects damage to others who do business with you. If your business harms a third party, they might expect compensation for their losses. You can use this coverage to repay them. Think about it as the duty you might owe someone else.
Most policies include:
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Bodily injury coverage: Helps injured parties pay their medical bills. It might also provide supplementary income. If someone slips and falls on your property, this coverage can often help.
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Property damage protection: Pays for damage to someone else’s belongings.
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Personal and advertising injury: Personal and advertising injury covers claims against your business concerning libel, slander, malicious persecution and more.
These are important elements of protection. However, they are the only types of liability insurance most businesses need. You might have to look elsewhere for more specialized coverage. General liability insurance does not cover employee injuries, professional negligence or physical property owned by your business.
Adding Coverage for Your Business
Some of the insurance options you can add aside from general liability insurance include:
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Commercial auto liability insurance: You must insure business vehicles. They need their own liability protection tailored. This comes in a specific commercial auto policy. In most cases, you’ll have to follow state law to get the right liability limits.
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Workers’ compensation: Think of workers’ comp as liability protection against employee harm. Employees are not third parties. However, they still face liability risks in the business. Employees who get hurt on the job often have a right to supplementary income. Workers’ comp lets you repay them.
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Errors & omissions (E&O) protection: Professional service providers might make mistakes that lead to financial losses for clients. You can use this coverage to repay clients for losses.
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Directors & officers coverage: In the event that boards or high level executives make mistakes, this coverage extends to their actions.
Every business is different and you may need different policies and coverage limits than other businesses even in the same industry. Be sure to shop around and speak with an insurance agent about protecting your business’ assets.
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