Business insurance is coverage that will help in many business situations. It can protect the business from having to pay out liability payments, and it can help the establishment if a disaster happens, as well. A business owner can buy a variety of different policies for his or her business. Some of the top ones are as follows:
Liability Coverage
Liability coverage is a type of business coverage that protects the establishment if the company happens to fall victim to a lawsuit. An example of such a lawsuit is if a person slips and falls inside of the building, and then that person wants to hold the business liable for the incident. The insurance may cover payments for the injured person’s medical bills.
Errors and Omissions Coverage
Errors and omissions coverage protect business owners in certain professions such as lawyers, doctors and so forth. It protects the covered party against any claim that may come against that person for professional negligence. In the case of a lawyer, it may be able to protect that person if a client accuses him or her of not defending properly, and then that alleged fouled defense ends up landing the client in jail. This type of coverage can also protect an employer from a claim of unfair termination and such. Another type of situation that this type of insurance covers is slander and its cousin libel. Libel and slander are situations where an employer defames someone’s character and causes that person difficulty getting another job. It also can cause the people in the person’s life to turn against that individual. The insurance would cover the company if the employee tried to bring charges against the establishment.
Many other types of business insurance exist. They usually have a monthly premium that the insured party must pay to stay covered and protected. If a situation arises, then the covered party may have to pay a deductible before the insurance will kick in and then take care of the situation. All businesses should have coverage in case the situations mentioned above were to arise.