Protecting your business with proper liability insurance is the best way to safeguard the assets that you’ve worked so hard to build. After all, business owners face enormous risk. It’s troubling to think that you could lose everything from just one liability claim filed against you or your company.
General liability coverage protects you if you or one of your employees is responsible for bodily injury or property damage caused to another person or someone else's property. General liability insurance is oftentimes sold as part of a business owners policy (BOP), which also includes commercial property insurance and business interruption insurance.
However, all policies have limits. And, in today’s litigious society, one claim could easily reach far beyond the limits of a general liability policy. Commercial excess liability insurance kicks in when your general liability policy limits are maxed out, ensuring your complete protection even if an astronomical claim is filed against you.
Also known as errors and omissions (E&O) insurance, professional liability coverage protects service providers from negligence claims. Professional liability insurance was created for lawyers, accountants, consultants, financial advisors and medical professionals. In the health care industry, professional liability coverage is also known as malpractice insurance. The terms of coverage vary depending on risk and industry, but the philosophy is the same—allow service providers to work without fear of legal action against them.
For the boss, making tough decisions is part of the job. However, even the best of us make mistakes. If a director or officer is responsible for a decision that leads to a loss, he or she can be held personally liable. Directors and officers (D&O) coverage protects individual assets in the business world.
If you are concerned about whether or not your business is completely shielded from liability claims, you should be. Liability protection is key to protecting you and your assets from loss. Contact FIS to learn more about how our agency can help protect you.
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for…
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
- There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
- We protect people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable, stable and responsive.