from Bilz Insurance
No business can afford to be unprepared for a lawsuit. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Li- ability coverage extends not only to paying damages but also to the attorneys’ fees and other costs involved in defending against the lawsuit—whether valid or not.
The standard businessowners policy provides liability coverage, as does a separate policy known as a commercial general liability (CGL) insurance policy. Generally, commercial liability insurance, whether purchased in a separate policy or as part of a standard businessowners policy, will cover bodily injury, property damage, personal injury or advertising injury. The medical expenses of a person or persons (other than employees) injured at the business or as a direct result of the operations of the business are also typically covered.
Usually excluded from both types of liability insurance policies are suits by customers against a business for nonperformance of a contract, liability arising out of your expertise as a “professional” and by employees charging wrongful termination or racial or gender discrimination or harassment. Many other exclusions are included so it is important to carefully review the policy with your Bilz representative.
E&O covers professionals for errors or omissions that cause financial harm to their clients or a third party. In addition to covering licensed professionals such as accountants, attorneys, architect and engineers, many other occupations have a professional liability exposure. Talk to your Bilz representative to discuss professional liability options for your business.
To find out more about this valuable protection for your business or association or obtain a no obligation quote, contact us today.
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