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Liability insurance is a specific type of insurance that protects you when you are sued by a third party for being negligent. Many people carry liability, including anyone that wishes to legally drive a vehicle. This is because all 50 states require drivers to carry liability auto insurance in order to legally drive.
As a professional person, however, you might need to have another form of liability in addition to your auto liability insurance. This is particularly true if you provide a service to other people or if you manufacture products that may be used by other people. It should be noted that general liability is not the same as professional liability , which is also referred to as malpractice or errors and omissions. Whereas E & O will provide you with protection if some claims damages resulting from your failure to provide the services you promised, the general liability variety provides you with protection if people suffered physical harm because of your actions.
For many companies, it is a requirement to carry general liability. This is because, in providing a service or in supply people with goods, you could potentially be placing them in harms way. With it in place, those that are injured can receive the compensation necessary to care for their injuries. Public liability is one form that falls into this category. Although nearly every industry has reason to carry this type , there are specific industries that are most in need of these types of policies. Those that frequently host a large number of people, for example, are most in need of public liability plans. These include clubs, shopping centers, theaters, bars, sporting venues, resorts, and hotels. Those that provide alcoholic beverages are in even greater need of carrying this since they are at more of a risk of someone becoming injured.
If you employ anyone, you will also need to have employee liability in place. This will protect you if someone that you have employed becomes injured while performing his or her duties. Whether you provide a service or create a product that is used by the public, you are at risk of causing injury to others. These injuries can result in damages that equal hundreds of thousands of dollars and can cause your company to go bankrupt. There is no reason to put your company at such an unnecessary risk, as this type will help to pay the costs if something should go awry.
If you are looking for insurance that will protect you if someone becomes injured as the result of your services or products or if an employee gets injured, Advantage corporate quotes has several options available to you. In fact, all you need to do is complete our simple online form and we will match your needs up with the companies that supply the type of coverage you seek.
As you determine the type of liability you require, keep in mind that you are free to purchase a greater amount of this than you may be legally required to have in place. By purchasing extra coverage, you can rest more comfortably in knowing that you are adequately covered in case disaster strikes. Remember, however, that taking on a greater amount of coverage will result in higher premiums. Therefore, you need to find the right balance that will provide you with the protection your company needs while still remaining within the budget.