Different types of liability insurance provide different coverage, including general liability insurance which is a general coverage for business, professional liability coverage which are a general coverage for attorneys and employees, product liability coverage that provides protection for products made by a business. Each type of liability coverage has different costs and limits, so it's important to consider the costs and benefits of each type of coverage in making your final decision on liability insurance.
Types of Business Liability Insurance Include General Liability Insurance: This coverage protects business-owners from lawsuits they may sustain from litigation wagered against them, while also providing for the related legal costs. General liability coverage is generally required when you own or operate a business. For example, if you own a restaurant where you serve food or drink to customers, this coverage will protect your restaurant business from potential lawsuit claims.
Professional Liability Coverage: Professional liability coverage protects an attorney or other employee who provides legal services to another person. There are two different types of liability coverage available – liability for medical malpractice and personal injury. For medical malpractice, this coverage will pay for medical expenses or bills of care incurred by someone who has contracted a disease as a result of an injury received at a medical facility. If you have an employee who is injured on the job or who suffers a physical injury while working at a business facility, this coverage will cover any legal expense connected with recovering an injured person to work again. Also, if the employee is found negligent in some way and is found to be at fault for their injuries, this coverage will compensate for any losses incurred in connection with the injuries.
Product Liability Coverage: This coverage covers the owner or manager of any products or services that are sold. It can include both new and previously manufactured goods, such as medical devices, dental devices, prescription medications, food, medical supplies, and clothing. The policy is designed to compensate for damages, including the cost of repair or replacement, that is sustained as a result of a product being defective. If a product injures a person, the policy will cover the medical bills and medical treatment expenses associated with that injury as well as compensating for lost wages or income.
In order to determine if a product liability policy will cover your business, contact an attorney. They can advise you on what the law requires for your particular area and can tell you whether or not your coverage provides adequate protection. While a business should not be expected to absorb all of the costs of liability coverage, the protection provided by the policy can save a business a great deal of money in the long run, particularly when sued.
To learn more about product liability coverage, contact an attorney or professional liability coverage agent. They can assist you . . . . . . with determining the coverage that best suits your needs and determine what amount and/or type of coverage to purchase.