When seeking business insurance, business owners are often told how important it is to get liability coverage. This type of coverage protects your business in the event that a client, vendor or other third party holds the business responsible for harming them in some way.
Though there are many different types of liability coverage, here are the most common forms:
· General liability insurance—This coverage can offer protection if your business is held liable for injuring a third party or damaging their property.
· Professional liability insurance—This coverage can provide assistance if a customer or client alleges that your business’s errors, omissions or professional negligence caused them a financial loss or other damage.
The best way to select the right coverage for your business is to consult with your independent insurance agent. They can assess your business’s needs and make personalized recommendations. When you buy a policy, you’ll also be issued a Certificate of Liability Insurance, which can serve as proof of coverage.
A Certificate of Liability Insurance lists a few of the important details of your policy on one page, including:
· Type of coverage
· Coverage limits
· Your policy number
· The named insured
· The issuing insurance provider
· The policy’s effective dates
This information is good to keep on hand in this brief format, especially if your business bids for contracts regularly. You can easily show clients that your business is insured, which allows them to rest easy knowing that those liability risks won’t default onto them.
As businesses grow and evolve, coverage needs will change. Be sure to request a new Certificate of Liability Insurance form each time you update your policy. You never know when this information can come in handy.
Get started today. Call John L Sprague Insurance at 301-934-6010 today to learn more about the business insurance policies we offer.