The world of insurance can be confusing. Even those who have extensive insurance coverage can sometimes misunderstand exactly what their coverage is for. If you are a business owner or employer and this describes you, you may want to take a few moments to ask yourself – what does my liability insurance cover?
General Liability Insurance
Most of your coverage will fall under general liability. This type of coverage is sometimes referred to as an umbrella policy since it covers the widest range of scenarios.
General liability typically covers:
- Claims for personal injury
- Third-party property damage
- Advertising injury
Other types of claims may be covered under general liability as well, but additional types of coverage may also be necessary.
Additional Types of Coverage
The things that fall outside of general liability coverage can often leave employers feeling vulnerable. However, there are various types of insurance coverage designed specifically to address these scenarios – and protect you from them, should they arise.
Some specific types of insurance coverage you may need as a business owner or operator include:
- Professional liability insurance. Sometimes referred to as Errors and Omissions coverage – or E & O insurance – this protects your business from claims that your staff is not providing appropriate professional services to clients or consumers.
- Property damage. Many types of property damage are not covered under general liability insurance. If you or a staff member accidentally do damage to your property, you will need property damage insurance to cover the cost of repairs.
- Commercial auto insurance. General liability insurance does not cover damage done to work-related vehicles. Likewise, your regular car insurance may not cover the costs of damages incurred as a result of work-related incidents. Be sure to carry commercial auto insurance on all work vehicles so you can keep your team mobile.
- Worker’s compensation. In most states, businesses are not permitted to operate without some form of worker’s compensation in place. This protects employees from the costs of work-related illness or injury. It can also protect the business owner or operator from being sued if an accident occurs on the job. Carrying this type of insurance cuts down on time off for employees and keeps your team happy, healthy, and productive – truly a benefit worth investing in!
For more information about Phoenix general liability insurance, talk to your employer or team and contact the area experts at Capital Insurance Services.