Business Casualty

Responsibility and accountability are just normally accepted parts of owning a business and even when you go to great lengths to ensure you provide the best quality and services, a client can perceive that you failed to perform to their expectations. That is why you need to protect your company with liability insurance.

About ¾’s of all business in the United States are either a partnership or sole proprietorship, that carries a certain amount of risks that you must face. Purchasing casualty insurance can protect you and your business from lawsuits that can cripple your operations.

Even if your business is structured as a limited liability company (LLC) or an incorporated company there are circumstances in which you can be personally liable.

  • You have signed a personal guarantee
  • If you personally injure someone
  • If you act irresponsible or illegally
  • You do not operate your business as a separate entity

Business casualty insurance is designed to protect you in the event of a lawsuit brought on as a result of personal injury or property damages. The payments usually cover the lawsuit itself as well as the cost of representation.

General Liability Insurance:
One of the best known types of business insurance and also the most common. Know as GL or Commercial GL this may be the only insurance coverage some businesses need. It usually covers; injury claims, property damages, and advertising claims. While each business situation may be different, this is generally the starting point for insurance for your business.
Professional Liability Insurance:
Generally known by people in service type business, it is also referred to as errors and omissions insurance. Used to cover claims of malpractice, errors, negligence and even when you don’t disclose information (omissions). Some professions are required to to carry errors & omissions insurance to practice, check with your state to find out if it’s required.
Product Liability Insurance:
Businesses that manufacture or assemble physical products need protection from their product injuring someone or malfunctioning and causing damage or loss to another business. Your industry and product type, as well as the amount you sell, will dictate the coverage amount needed. No two businesses are the same so a good examination of the product and process are needed.