Business owners Policy is the most common policy that one comes across for small businesses. It offers cover for all the risks involved with liability and property insurance. However, business owners are not completely aware of other policy coverage. This is what we are going to shed light on this page.
Employment Practices Liability Insurance
The employment practices liability insurance takes care of damages that include violation of the civil or other legal rights of the employee. The insurance also takes care of legal defense costs too.
Errors and Omissions Insurance Liability
In some of the businesses, we often find services like making recommendations, offering advice, providing physical care, etc. This can often lead to being sued by the customers for any injury or damage to them that is claimed due to the failure of the business to do a job properly. The errors and omissions liability insurance take care of these situations and offers legal defense costs.
Key Employee Insurance
In case the main employees become disabled or die, the life or disability income insurance take care of the financial impact on the business. It takes care of all the losses due to absence of key employee’s participation in the business.
Directors and Officers Liability Insurance
This insurance protects directors and officers of corporations against a lawsuit claiming that they didn’t manage the business properly or took into consideration the rights of others. The insurance also offers legal defense costs in case of no wrongdoing.
The aim of the umbrella liability policy that offers extra coverage over and above the regular cover. The policy is designed to offer protection against high losses. One can expect protection against auto liability and general liability policies. If a company already has general liability policies, directors and officer’s liability, the umbrella offers an added protection beyond those policy limits as well.
Most businesses purchase property insurance, liability insurance, workers compensation insurance, business auto insurance. However, they also need to be aware of the other options available so as to take care of any loopholes and get extra cover for added protection. After all, insurance is one of the most important aspect as well as expenses that a business might incur or collect. Whether you are running your business single handedly or are into a partnership, own a small business or a huge one, make sure that you have the tight information related to business insurance.