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Business Liability Insurance - Speciality Coverage Options

This is a guest post from Marshall Davis of Insurance Quotes Kingdom at http://www.insurancequoteskingdom.com/

Business Liability Insurance - Speciality Coverage Options

If you have a business, you need to make sure that you have the right type of business liability insurance coverage protecting what you have worked so hard to build. Most entrepreneurs understand that they need protection from a basic property and liability insurance policy, but did you know that while these coverages form the foundation for your insurance portfolio, they may not be enough protection for your business?

Your business insurance needs will be based on what industry you are in, as well as your specific business needs. An entrepreneur working at home will have very different insurance needs than an entrepreneur with a manufacturing operation that employees hundreds of people. Always consult with a licensed business insurance broker to ensure that your coverage needs are being met. After all, if you do not have the right business insurance protection, you might find your business is in a world of hurt should you face liabilities resulting from your operation.

Below are just a sampling of the different types of specialized business liability insurance coverages available:

1. Business Vehicle Coverage - If your company operates vehicles for business use, then you will need a business vehicle insurance policy. Your basic liability insurance policy will not include coverage for vehicles, so you will need a business auto policy to provide the protection you need. The state your business is in will set minimum policy limits, but it is always a good idea to have your policy limits high enough to provide the right financial protection for your business.

2. Errors and Omissions Coverage - If your business provides a professional service where bad advice can result in a financial loss to your clients, then you may need an errors and omissions insurance policy. Examples of professionals requiring this type of coverage include accountants, architects, software designers and financial planners.

3. Product Liability Coverage - If your company is involved in the manufacturing, distribution, or retail sales of consumer products, then you should look into a product liability insurance policy. If you play a part in the supply chain of consumer goods, you could be held liable for bodily harm caused by the products you are involved with.

4. Surety Bonds - A surety bond guarantees the contractual performance of a company and is issued by a third party (generally an insurance company). For example, a general contractor may have a surety bond to guarantee that they finish a kitchen remodel job that a homeowner contracted with them to complete.

5. Workers Compensation Coverage - Depending on the state you do business in, if you have employees, you will need workers compensation coverage. The requirements for workers compensation insurance vary by industry and the number of employees a company has, but generally any company with a certain number of employees will need this coverage which pays for employee injuries that occur on the job.

As you can see, when it comes to business liability insurance coverage, there are many options beyond just a basic liability policy. Make sure your company has the protection it needs by finding a business insurance broker that is familiar with your industry and can provide the coverage guidance you need. If you ever need to use your specialized liability insurance policy, you will be more than glad you took the time to make sure you had the right business insurance coverage.

About The Author

Marshall Davis runs the website Insurance Quotes Kingdom, where you can get free quotes for all types of insurance, including business liability insurance coverage.

Tags: Money Matters


 

 

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