When new to the business world in Illinois, it’s not always immediately obvious how much insurance entrepreneurs might need. One area that can be particularly complex for the newcomer is liability. Here is a quick outline of some of the main areas of business liability insurance:
General Liability
This is designed to provide financial protection from the type of lawsuit that may be laid by an individual who has been injured on your business premises, or whose property has been damaged while on your premises. The latter might occur, for example, if you were repairing a computer which was further damaged by a fire while in your care.
Professional
Sometimes this is called “errors and omissions” insurance. It is most useful for professionals, and by this, we typically mean people such as lawyers and accountants, who offer a service rather than sell a product. This coverage comes into play should you be accused of having been professionally negligent, or of having given bad advice.
Product
This coverage is a must for those selling products. It is designed to help cover the costs of a lawsuit filed by someone who alleges that your product caused them to suffer an injury or damage.
As you can see, there are a number of ways in which the various types of liability insurance may come in handy. Should you be unsure what to include in your business insurance coverage, why not give our Illinois office a call?
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