When it comes to small business insurance, liability insurance is incredibly important. It helps protect you, your employees, and your business as a whole. But, what not a lot of small business owners know is that there are multiple different types of business liability insurance. And, depending on your business and its needs, some will be a better fit than others. In today's blog at Jamison Rich Insurance Corporation, we talk about the four common types of business liability insurance and the difference between them. Read on to learn more and contact us today to get started with your small business insurance quote!
Explaining The Different Types of Liability Insurance
The first and most common type of small business liability insurance is general liability insurance. This will protect your business in the case of third-party property damage, bodily injury, personal injury, and more. So, if someone were to get hurt on your property or if you were to accidentally damage someone else's property, your general liability insurance would help to cover the costs. This is one of the most important types of small business insurance, as it can help protect you from a lot of different types of lawsuits.
The next type of small business liability insurance is professional liability insurance. This is also sometimes called errors and omissions insurance or malpractice insurance. This is a must for any business that provides a professional service. So, if you are a doctor, lawyer, accountant, or any other type of professional, you will need this type of small business insurance. It will help to protect you in the case that you are accused of making a mistake in your work or of not providing the level of service that you promised.
Workers’ Compensation Insurance
The third type of small business liability insurance is worker's compensation insurance. Worker's compensation insurance helps to cover the costs of medical treatment and lost wages if an employee is injured or becomes ill while working for your company. This is a mandatory type of insurance in some states, so be sure to check the laws in your state.
Employer’s liability insurance covers expenses if the employer gets sued for punitive damages. Employer’s liability covers the employer if they are somehow responsible for the incident. In essence, this type of business liability insurance kicks in where workman's compensation ends
There are many different types of small business insurance, and each one is important in its own way. The four types of small business insurance that we have discussed in today's blog are just a few of the most common. Be sure to talk to your small business insurance agent at Jamison Rich Insurance Corporation to find out which types of liability insurance are right for you.