General Liability Insurance

In today’s litigious society even the minor incidents that happen can result in a large lawsuit. For this reason it’s imperative that all business of any size have general liability insurance to protect their assets.

What you need to know about general liability insurance

General Liabiltiy coverage protects your business from claims arising from alleged bodily injury, personal injury or property damage liability. It includes protection for services you render or products you sell. Coverage payments can include judgments, attorney fees, court costs, or other related expenses. General liability is a broad commercial policy that typically includes products liability, completed operations, premises and on-going operations, and personal and advertising injury. We recommend that all businesses operating have general liability coverage in place.

The following are additional liability coverages that are often available.

Professional Liability (E&O)

E&O covers professionals for negligence and errors or omissions that injure their clients. In addition to covering licensed professionals such as accountants, attorneys, insurance agents, architect and engineers, and real estate agents, technology companies frequently have a professional liability exposure. This typically arises from the fact that the general liability policy excludes damage to data. Technology E&O can protect your company in the event that your negligence, error, or omission causes damage to a third party’s data. We recommend that all professional and technology companies have E&O coverage.

Employment Practices Liability Insurance (EPLI)

Employment Practices Liability Insurance for employers covers employment-related liabilities other than on the job injuries. EPLI will cover legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. Although only three percent of Employment Practices lawsuits go in favor of the plaintiff, the average cost to defend yourself in one of these cases is well over $200,000. If you have employees, we recommend considering this coverage.

Directors and Officers (D&O)

D&O covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. A variety of D&O coverages are available. Corporate reimbursement coverage indemnifies directors and officers of the organization. Side-A coverage provides D&O coverage for personal liability when directors and officers are not indemnified by the firm. Entity coverage, for claims made specifically against the company, is also available. D&O policies may also be broadened to include coverage for employment practices liability.

To find out more about this product and other products and services, contact us today.