Regardless of your industry or the size of your company, the need for business insurance remains the same. Having adequate protection will help minimize your financial risk in the event of an unexpected disaster. While there are many kinds of coverage to consider, liability insurance is of particular importance. This offers a safety net for your finances if a third-party claim or lawsuit arises against your business. Here are a few types of liability policies to consider.

What Are the Liability Insurance Options for Your Business?

1. General Liability

With general liability coverage, you’re protected from claims related to bodily injury, property damage, and negligence. For example, if someone slips and falls while visiting your business, the policy would cover their medical bills, lost wages, and any other accident-related losses they incur.

If an employee accidentally damages a client’s personal property while performing their duties, your insurer will help pay to replace the damaged item. It also covers claims of libel and slander.

2. Product Liability

Whether you’re a designer, manufacturer, retailer, or distributor, product liability insurance is essential. If a product made for consumer use ends up being unsafe and causes someone harm, any company in the supply chain could be held responsible.

Product liability claims can occur because of a design defect, manufacturing flaw, or failure to provide accurate instructions or warning labels.

3. Professional Liability

A professional liability policy pays for claims that result from errors, failure to perform, or negligent behavior when providing professional services. Industries that typically benefit from this coverage include accountants, attorneys, medical personnel, architects, and real estate brokers.

For instance, an accountant may be liable for giving advice that causes a client to lose a substantial amount of money, or a contractor might be held responsible for an accident caused by the project they completed. A comprehensive policy will protect your business from the legal costs associated with the incident.

If you’re in search of liability insurance for your business, turn to Consolidated Agency Inc. to explore your options. They offer a wide range of coverage solutions for companies throughout Monroe County, NY, and their experts will help you create a customized policy that meets your specific needs and goals. Since 1988, this agency has worked with reputable carriers to provide clients with high-quality products at competitive rates. Call (585) 467-4110 to schedule an appointment, or visit them online to learn more about their services. Check out their Facebook page for additional tips and updates.