General liability insurance is an essential part of your business insurance portfolio, but is it enough on its own? Depending on your business, the answer may be no. There are other types of liability insurance designed to protect against specific risks that general liability might not cover.
Why General Liability is Important:
- Covers third-party bodily injuries: If someone is injured on your business premises, general liability steps in to cover medical expenses and potential lawsuits.
- Covers third-party property damage: If your business operations cause damage to someone else’s property, this policy will help cover repair costs.
- Covers advertising injuries: Yes, even your ads can land you in legal trouble! General liability protects against claims of slander or false advertising.
When You Might Need More:
- Professional Liability (Errors & Omissions): If your business provides professional advice or services, this is crucial. It covers claims that arise from mistakes, missed deadlines, or unsatisfactory work.
- Claim Scenario: You’re a consultant, and a client sues you for giving faulty advice that caused them financial loss. General liability won’t cover this, but professional liability insurance
- Product Liability: If you manufacture or sell physical products, product liability coverage protects you from lawsuits due to defects.
- Claim Scenario: Imagine you run a small business selling hand-made candles. One candle has a faulty wick, causing a fire in a customer’s home. Product liability insurance will cover the damages, preventing your business from taking a huge financial hit.
- Employment Practices Liability: This covers claims from employees over issues like discrimination, wrongful termination, or harassment.
- Claim Scenario: An employee sues for wrongful termination, claiming they were fired unjustly. Without employment practices liability insurance, you could be on the hook for legal fees and settlement costs.
Evergreen Insurance Can Help You Protect Your Business in Vancouver Washington
At Evergreen Insurance, we know that every business is different. We can help you assess your unique risks and determine whether general liability is enough or if you need additional coverage to stay protected.