Does general liability insurance offer enough coverage for your business’s risks?
As a business owner, you know how important it is to have the right liability insurance in place. In fact, you probably already have general liability coverage for your company. However, it’s important to understand that certain liability risks require their own coverage. Here are some of the other types of liability insurance that your business might require.
Errors and Omissions Insurance (E&O)
Also known as professional liability insurance, E&O insurance offers coverage in the event that you make a mistake in your professional services that results in losses to a client or third-party. This type of coverage normally protects against financial losses stemming from a mistake, oversight, or negligence on your company’s part.
Product Liability Insurance
This type of insurance will offer coverage in the event that a product that your company manufactures or distributes caused injuries, property damage, or other losses. This insurance will also offer coverage if your company is accused of mismarketing their products or services.
Employment Practices Liability Insurance (EPLI)
This type of insurance protects businesses against claims of illegal or improper hiring practices or treatment of employees. For instance, this insurance will protect your business against employee claims of the following:
- Sexual harassment
- Discrimination
- Wrongful termination
- Retaliation
- Breach or employee contract
- And so on
These are some of the liability coverages that your business might need. Do you have additional questions regarding your business’s coverage needs? If so, contact the experts at ISU-Wissink Insurance for assistance today.