Liability insurance is defined as a form of insurance that provides protection from third-party lawsuits. If you’re held liable for causing a person or company’s financial losses, your insurance will cover some legal expenses.
Business liability insurance is a generic term that describes various types of insurance that cover third-party lawsuits. If a person or company believes you caused an injury or property damage and files a lawsuit to recover losses, your liability insurance can pay for your legal costs up to your policy limits.
Liability insurance protects your assets by paying for legal expenses, such as:
Liability insurance is a component of many forms of small business insurance, including:
Liability insurance is widely available in the insurance marketplace as a key component of many types of business insurance coverage. It is easy to qualify for as long as your business doesn’t:
Assuming your firm can pass an insurance company’s underwriting requirements, you will likely be eligible for the liability insurance you’ll need to keep your risks at bay.
If you own a small business, then it’s a given you need liability insurance. That’s because a large lawsuit can result in judgments or settlements that may put you out of business.
However, some companies need liability insurance more than others. This includes firms that:
Insureon helps small business owners compare commercial insurance quotes from A-rated U.S. carriers with one easy online application. Start an application today to protect your business against claims from third parties.