Even the most careful and ethical business that does everything “by the book” could potentially be named in a lawsuit. Commercial Liability Insurance can go a long way towards protecting your business and its assets, but it is important to understand exactly what is covered and what is not. ISU-Armac Insurance can help you ensure that you have the right kind of liability coverage to protect your business in a worst-case scenario.
Why Every Business Needs Liability Coverage
A lawsuit can create serious financial repercussions and be very damaging to a business’s reputation. The right insurance plan can defend your business against claims and pay for any losses in the event that you are found legally liable. Given that we live in increasingly litigious times, insurance has to be an essential part of any business’s risk mitigation strategy.
How Commercial Liability Insurance Works
Also known as “General Liability Insurance,” this type of coverage works on several levels. First, it can fund the costs of defending your business against claims related to bodily injury or property damage. If needed, it can also cover any losses that your business might incur for injuries sustained by a client, customer, or visitor, as well as damage to property that is owned by others.
Commercial liability coverage also safeguards your business from claims of libel, defamation, slander, copyright infringement, or wrongful prosecution. With claims of advertising injury on the rise, thanks in large part to the highly visible presence of many businesses on the internet, having this type of coverage makes a lot of sense.
What This Insurance Does Not Cover
A commercial liability policy is very comprehensive however it certainly does not cover every threat that a business can face. For example, it will not protect you in the following scenarios:
- Employee injuries that happen in the workplace
- Damage to your own business property
- Errors or omissions in a professional service that your business provides
- Claims that are beyond your established policy limit
Tailoring the Right Policy Package with ISU-Armac Insurance
While a commercial/general liability policy will protect you in a wide range of situations, it’s clear that it cannot be the sole form of insurance that your business relies on. This is why we will work with you to create a policy package that is highly comprehensive and which best suits the specific needs and risks of your business.
Rest assured that there is no worst-case scenario that can’t be handled with the right combination of policies. For most businesses, a plan that covers workers’ compensation, professional liability, commercial liability, and property insurance should suffice. Some businesses need extra “umbrella” insurance, while others might need to include commercial auto coverage in their plan. Whatever the case may be, we can tailor an affordable plan to meet your needs.
If you are looking to upgrade your liability coverage or to tailor a package that better protects your business and its assets, contact us today at ISU-Armac. We will be happy to provide you with a free quote.
