Understanding Business Liability Insurance

Business liability insurance is intended to protect your company’s assets in the unfortunate event that they experience a lawsuit or claim from an outside party, and is crucial for your peace of mind when it comes to owning a business. Essentially, it safeguards against any costs involved with personal injury, property damage, and any other kind of complex issue that can arise from operating a business. If you own a business in San Diego, California, have questions regarding your business insurance coverage, Windfall Insurance Services Inc. can help. Read on to learn more about how business liability insurance can protect your company.

How Does Business Liability Insurance Work?

Business liability insurance, sometimes referred to as commercial general liability insurance), can help preserve a company’s assets in many ways. If you have a business that has employees, that directly interacts with customers, is considered a high risk industry, or requires employees to drive and work off site, having adequate business liability insurance coverage is critical. It helps to protect your company by paying for legal obligations that may be caused by either a customer or an employee becoming injured on the business premises. Business liability insurance also will help to pay for associated legal expenses if your company becomes involved in a lawsuit, including compensatory and punitive damage costs. If your company rents out a commercial real estate to operate, there’s coverage that protects a business against property damages caused by a natural disaster. Additionally, business liability insurance will help cover claims that are caused by misleading advertising, such as copyright infringement, libel, or slander.

Common Types Of Business Liability Insurance

If you own a business, it is likely one of your most valuable assets, and one that you will want to strongly protect. Because every company’s situation is unique, you will want to work closely with your insurance agent to determine the best type of coverage(s) to fully protect your business. Some common types of business liability insurance include:

• Commercial property insurance – This insurance type helps cover any damages sustained by a rented property or a property purchased by the company.
• Professional liability insurance – This insurance type covers any issues found with a product or service sold by a company.
• General liability insurance – Insurance that protects against personal injury, injury to another person, or any type of property damage occurring on the business site.
• Data breach insurance – Insurance that pays for damages caused by cyber attacks or data breaches.

Having a sufficient business liability insurance policy is an important step to protecting your company and having the peace of mind that your assets are protected so your business can operate successfully. If you have questions about business insurance in San Diego, California, contact Windfall Insurance Services Inc. today for a consultation.