Protecting against potential lawsuits is one of the more overlooked aspects of business ownership. While sales and revenue are vital to growth, protecting your assets against losses due to lawsuits is equally as important. From cyber liability to employment practices liability, here are four key liability coverages that should be included in all new business insurance policies.
General liability is the most common type of business liability insurance. It covers general lawsuits arising
from cases where a third-party suffers an injury or property damage because of your business.
Cyber liability ensures that you’re protected in case you’re the subject of a lawsuit due to a data breach. Your policy will cover the legal fees, fines, penalties as well as other services such as credit monitoring that are usually offered as a result of such incidents.
Professional liability protects you in case a customer claims that negligence or malpractice on your part led to them experiencing a loss. While this is often associated with medical professionals, it’s a recommended coverage for other business owners as well.
Employment Practices Liability
Employment practices liability protects you in case a lawsuit is filed against you claiming wrongful termination, discrimination, sexual harassment or other illegal practice. Your policy will cover any attorneys’ fees, settlements or judgments related to the case.
Other forms of liability coverage are available to keep you protected against the risks associated with business ownership. Work with an experienced agent to ensure that your new policy meets your needs.