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All About Business Liability Insurance
Business liability insurance is the most important insurance type that needs to be taken by every entrepreneur. The insurance protects the interest of customers as well as entrepreneurs.
In this article, we'll talk about different aspects of business insurance in order to give you a better and stress free life.
Types of Business Liability Insurance Basically, there are only four types of business liability insurance are available in the insurance market these days:
General Liability Insurance: In this type of insurance policy, protection against the financial losses and damages in case someone decides to sue the business due to an event happened on the premises or by related with one of your products or services.
Employers' Liability Insurance: In this type of insurance cover, insurance coverage for employees can be taken by an employer and avert the financial loss caused due to accidents including wage discrepancy, hours worked and some work-related accidents.
Automotive Liability Insurance: This type of insurance policy provides coverage for a person who drives a company vehicle and may has to face some unpleasant incidents like injury, injures caused to someone else, or the vehicle damage.
Professional Liability Insurance: In this type of insurance policies, independent professionals engaging in practicing in the market are given adequate protection in case they commit any error, omission, negligence or others to their clients.
Why to Take Business Liability Insurance? The purpose of providing business insurance is to protect the smooth functioning of a business entity. It does not relate with the filing of a lawsuit against those who have caused problems for the company. The aim of business insurance is to defend the business against lawsuits. Even if nothing ever gets as far as court, the costs can bankrupt a small business quickly. Practically, small businesses have greater chances of being sued than big established firms and companies.
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