Things You Need To Know About Business Liability Insurance
Business liability insurance can protect your business from reimbursement of damages that may be incurred as a result of legal action taken by individuals or organizations who have been harmed by your business. Coverage includes claims for wrongful death, property damage, personal injury, and product liability.
Types of Coverage Provided by Business Liability Insurance
Some common types of coverage businesses may need to include:
-Property damage liability: This insurance covers you if someone damages property that belongs to your business.
-Personal injury liability: This insurance covers you if someone is injured while working for or visiting your business. If you're looking to get personal injury liability insurance then you may visit Reith and Associates Insurance and financial Services Limited.
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-Employee benefits liability: This insurance covers you if someone's employment contract or other obligations require them to pay benefits to someone who is injured on the job.
-Product liability: This insurance covers you if something that your business produces causes harm to people or property.
What If The Occurrence Causes Personal Injury or Property Damage?
If you're the owner of a small business, you may be wondering if you need business liability insurance. Here are five things to know about this important insurance policy.
1. Most small businesses don't need full business liability insurance. A few simple steps can lower your exposure to potential lawsuits or other forms of personal injury or property damage.
2. Businesses with fewer than five employees and gross revenues below $500,000 per year are exempt from many requirements of the law, including having full business liability insurance.
3. If you're sued for personal injury or damages to property, your insurer will likely pay all legal costs and settlements related to that lawsuit, up to a certain limit determined by your policy.
4. You can protect yourself from some types of lawsuits by taking specific steps in your organizational structure and policies. For example, placing limits on how much an employee can be paid in connection with a wrongful claim can help reduce the financial impact of a lawsuit on your company.