Business Insurance
No business can afford to be unprepared for a lawsuit. Liability insurance protects your business
assets when the business is sued for something the business did (or failed to do) that contributed to
injury or property damage to someone else. Liability coverage extends not only to paying damages
but also to the attorneys' fees and other costs involved in defending against the lawsuit, whether
valid or not.
The standard business owners policy provides liability coverage, as does a separate policy known as
a commercial general liability (CGL) insurance policy. Generally, commercial liability insurance,
whether purchased in a separate policy, or as part of a standard business owners policy, will cover
bodily injury, property damage, personal injury or advertising injury.
The medical expenses of a person (other than an employee) injured at the business or as a direct
result of the operations of the business are also covered. Usually excluded from both types of
liability insurance policies are suits by customers against a business for nonperformance of a
contract and by employees charging wrongful termination or racial or gender discrimination or
harassment.
This web site may contain concepts that have legal, accounting and tax implications. It is
not intended to provide legal, accounting or tax advice. You may wish to consult a
competent attorney, tax advisor, or accountant. It is intended for informational purposes
only.
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