Getting the Right Type of Commercial Property Insurance For Your Business
1. General Liability
General Liability Insurance protects your business against claims of bodily injury and property damage that result from a product, service, or activity you provide.
This policy can cover medical costs, legal expenses, and settlement or judgment expenses if someone sues you because they suffered an injury or were damaged on your premises.
The coverage can also help pay for damages if you or your employees accidentally break someone’s property, like a customer’s laptop or desk. This coverage may be available as an add-on to your commercial property insurance policy or as an individual policy.
It can also cover personal and advertising injuries such as libel or defamation, including copyright infringement lawsuits. Professional liability insurance, or errors and omissions insurance (E&O), is essential for consultants and other businesses that provide services — accountants, doctors, lawyers, etc.
Most small businesses purchase general liability insurance and commercial property insurance together in a business owners’ policy, or BOP, which typically bundles the two into one policy. A BOP often offers a lower premium than buying separate policies for property and liability, so it can save your company money if your risk exposure is low.