When it comes to protecting your business, having the right liability insurance can be make or break. Consider this: a customer trips and falls on a set of stairs in your building and breaks their leg — would you be able to cover their medical costs? Or what if you are the victim of a data breach, resulting in the release of all of your clients’ credit card information? Would you have the resources to resolve the problem?
In many cases, experience and hard work are not enough to keep a business thriving. If you own a business, here are 4 types of liability insurance you should definitely consider:
General Liability Insurance in MA and RI
General Liability Insurance, also called commercial liability insurance, protects you, your business, and your staff against claims resulting from property damage or bodily injury. This coverage helps cover expenses like legal fees or medical expenses up to the limit of your policy. This type of coverage can also protect you in case you run into other unexpected incidents, like copyright issues or even instances of libel, slander, or misleading advertising.
Professional Liability Insurance in MA and RI
This type of insurance, also knowns as Errors and Omissions Coverage, is a must for any business that offers professional advice or services, such as a law firms, accountants, or engineers. This specific coverage provides protection in case a client takes legal action for things like negligence, misrepresentation, or for providing inaccurate advice.
Employment Practice Liability in MA and RI
Employment Practice Liability Insurance, or EPLI, helps protect businesses if an employee takes legal action because they feel their legal rights have been violated. Common lawsuits that EPLI provides coverage for include cases of discrimination, sexual harassment, wrongful termination, failure to employ or promote, breach of contract, or even cases of wrongful infliction of emotional distress or mismanagement of employee benefit plans.
Cyber Liability in MA and RI
If your business takes credit card data from clients or uses technology to store employee data, you should definitely consider purchasing Cyber Liability Insurance. As hacking threats become more sophisticated, small and medium sized businesses are now being targeted more and more. Cyber Liability will help cover the costs of identifying and resolving the cause of a data breach as well as the defense and settlement costs if your business is sued as a result of a hack.