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Whether you're a seasoned business owner or a new one, liability insurance is a must-have—and often required by law. Consider the expenses if your team had a lawsuit filed against them, or if someone was injured on your business’ property. Below, the team at Alcorn Insurance Agency in Chama, NM, explains some of the most common policies and what they cover so you know which policies make sense for you. 

Common Types of Liability Insurance

1. Product Liability Coverage

Consider the products your company offers the public or sells directly to customers. Product liability covers your business and the manufacturer if damages happen due to your products, such as injuries.

2. Directors & Officers Liability

liability insuranceUnfortunately, any business can be at risk for a lawsuit claiming wrongful termination or wrongdoing by the organization. Having directors and officers liability will help a company cover resulting losses or defense costs. 

3. Commercial General Liability

Bodily injury or property damage could happen in any business that has a storefront or employees going to different locations. Commercial general liability covers claims when someone experiences an injury or had property damage directly related to your company. 

4. Professional Indemnity Insurance

If your business offers services or advice to clients, you need this protection. The professional indemnity will help with claims or losses if a client sues the business for a loss that occurred in connection with that service, such as when someone goes bankrupt after following your team’s investment advice. 

5. Employers Liability Coverage

This policy is often required by law to ensure that employees are protected if they’re unable to do their job and it's not covered by a workers’ compensation plan, such as sickness or an injury in the workplace. 

 

If you're interested in getting liability insurance for your company, visit the team at Alcorn Insurance Agency. For more than 25 years, they’ve helped residents of Rio Arriba County find affordable insurance options for everything from business insurance to home insurance. Every client can rest assured knowing they're getting customized, premier service. To learn more about their liability options, speak with an agent at (575) 756-2197 or visit them online

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