To protect a small business from potential lawsuits, liability insurance is necessary. Policies vary greatly, and they cover different classifications of risks for varying costs. Before shopping for a policy, it is important to educate yourself about liability insurance.
Business Liability Insurance Is Available in Many Different Forms
- Commercial General Liability, which is also called CGL, is a very broad insurance product. It covers claims from accidents, injuries, or negligence when the business is at fault. Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.
- Product Liability insurance covers legal fees for litigation involving a faulty product. It also covers any personal or property damage charges caused by the defective product.
- Professional Liability coverage pays for damages caused by services. It is also called “errors and omissions” coverage. This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.
- An Employment Practice Liability Insurance policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers, against harassment, wrongful termination, breach of employment contract, discrimination, invasion of privacy, compensation issues, and employee benefits administration.
The Scott Shirley Agency has been insuring Arizona since 1989. Our Agency specializes in business insurance
Welcome to Phoenix Homeowners Association Insurance. Every day our professional team delivers apartment owners and managers insurance through our innovative products and services. By counting on us to meet their specialized insurance needs, our clients are able to pursue a secure source towards their goals. We have supplemental offerings for apartment owners and managers who also might have an ancillary commercial office or retail components to their property schedule.