If you make a professional mistake, or cause property damage or bodily injury to another person incidentally, you will be held liable for your actions. In this case, a business liability insurance policy can be invaluable. Take a closer look at the four main types of cover which which available at present.
Product Cover
It is suitable for manufacturing businesses and for retail businesses selling physical goods. If a user of your product gets injured or damages their property accidentally because of a flaw in your product or in the instructions for use, the policy will cancel compensation to this person.
Professional Cover
It is called professional liability or indemnity insurance. It covers professional service and advice providers against negligence, error or omission. If you are a lawyer and your client incurs financial indications of the legal advice, the indemnity cover will kicked to to make compensation. Traditionally, this type of cover has been used by lawyers, accountants, brokers, architects, designers and advertisers. a more diverse range of service providers such as plumbers, electricians, beauticians, hair stylists and even pet groomers.
Public Liability Cover
It is recommended to private persons such as home owners and pet owners. It is designed to protect you financially in case a member of the public incurs property damage or Similarly, if you have a client walk in to your office, slips and gets injured, this type of cover will will work to pay the compensation. valuable painting while working on the promises of a customer, the policy will help you out.
Employer Cover
In some states, you must be responsible. When you have employer liability insurance, the policy will pay compensation to the worker. employers are required to make installments into a special fund rather than to purchase an insurance policy. In such cases, the private cover is generally optional.
You can now decide which types of business liability insurance you will need.
