As a business owner you must be insured in the off chance that your business or an employee comes under scrutiny.  There are multiple types of business liability insurance programs that a business owner has access to depending on location and type of business.

General Liability Insurance is the most common type and can also be found in your BOP (Business Owner’s Policy).  General liability insurance can be customized depending on your businesses needs but typically covers, bodily injury, property damage, advertising errors, as well as defamation of character.

The next area of insurance covered falls under professional insurance.  Error’s & Omissions and malpractice also fall under this title.  You may also apply for this type of insurance as an individual or an entity.  As an entity you can posses professional insurance as a broker, or for the brokerage entity itself.  Professional Insurance covers aspects such as misrepresentation, malpractice, negligence, violation of good faith, as well similar areas to these.  Typical careers that have this type of insurance include doctors, attorneys, lawyers, financial advisors, real estate agents, insurance agents, contractors, and other professionals who need coverage while practicing.

D&O refers to directors and officers, and is a type of insurance which covers managements decisions in board rooms.  Another position that would use D&O is that of an upper-level executive whom must protect against litigation.  This type of insurance is practical for anyone inside of a business who is tasked with making important decisions.

For the next type of insurance we must go online to look at cyber data insurance.  Company database breaches of any kind that results in monetary loss, will be covered.  Cyber data insurance will cover not only your clients information breach and litigation around it, but that of company data as well.

Human resource representatives use EPLI or employee practices liability insurance.  This type of business liability protects those in HR against litigation from other employees in the workplace.  EPLI shouldn’t be confused with employers liability insurance, which is used as a form of work mans compensation. EPLI will cover sexual harassment, discrimination, wrongful termination, breach of employment contract, negligent evaluations, failure to employee or promote, wrongful discipline, deprivation of career opportunities, wrongful infliction of emotional distress, or mismanagement of employee benefit plans.

The final type of business liability insurance falls under that of event insurance.  Another name for this type of insurance is short-term insurance and is very similar to general liability insurance.  The difference is that event insurance to one specific event such as a festival.  Said insurance is only available for the duration of the event, whatever time that may be.  Events with higher rates of injury tend to be more difficult to insure, but We Care can assist in finding the right coverage for any event.

For any questions about business liability insurance, or any questions about topics related to insurance, please feel free to reach out via phone or email. We’d love to help you with your insurance needs!

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