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In today’s litigious society, companies of all sizes can face the risk of being sued. As such, one of the most important purchases business owners can make is liability insurance. This will protect your organization from experiencing substantial financial loss in the event a claim or lawsuit is brought against you and allow you to remain focused on running your operations. Below is an overview of what you should know about maintaining coverage.

What Are the Types of Coverage?

There are several different types of liability insurance available, allowing business owners to buy the coverage that best fits their industry’s risks. General liability is the foundation for most company policies. This provides protection for third party injuries and property damage claims, as well as libel and slander. Professional liability is also common and offers coverage for negligence and errors made while providing a service. Product liability insurance covers damages caused by the manufacture or distribution of a defective product. Cyber liability protects companies that suffer a cyber-attack or data breach.

How Much Coverage Is Necessary? 

liability insurance The amount of liability insurance you need will depend on how great your risk is. Some businesses require more coverage than others due to the nature of their industry, for instance, construction and manufacturing companies. To determine how much you should buy, consider how big your company is, where you’re located, how many employees you have, and how often companies similar to your own have claims or lawsuits filed against them. 

What If I Have Customers Sign a Waiver?

Some companies offer services with increased potential for injuries, such as trampoline parks and fitness studios. These businesses may have customers sign a waiver releasing them of liability should an accident occur. However, release forms aren’t always enforceable, and while it may reduce the number of lawsuits a company faces, it won’t necessarily prevent all of them. In turn, waivers shouldn’t be used as a substitute for liability insurance but rather as an additional form of protection. 

 

If you’re looking for reliable liability insurance for your business, turn to High Rock Insurance Agency in Lexington, NC. They understand that every company is unique and will take the time to assess your specific risks before making personalized coverage recommendations. Over the years, they’ve helped numerous entrepreneurs throughout Davidson County secure the protection they need for continued growth and success. Call (336) 236-9022 to schedule an appointment, or visit them online to request a quote.

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