The Scott Shirley Agency has been insuring Arizona since 1989. Our Agency specializes in business insurance
To protect a small business from potential lawsuits, liability insurance is necessary. Policies vary greatly, and they cover different classifications of risks for varying costs. Before shopping for a policy, it is important to educate yourself about liability insurance.
Business Liability Insurance Is Available in Many Different Forms
- Commercial General Liability, which is also called CGL, is a very broad insurance product. It covers claims from accidents, injuries, or negligence when the business is at fault. Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.
- Product Liability insurance covers legal fees for litigation involving a faulty product. It also covers any personal or property damage charges caused by the defective product.
- Professional Liability coverage pays for damages caused by services. It is also called “errors and omissions” coverage. This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.
- An Employment Practice Liability Insurance policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers, against harassment, wrongful termination, breach of employment contract, discrimination, invasion of privacy, compensation issues, and employee benefits administration.
- There are other types of insurance designed for specialty businesses. The nature of the business determines what type of coverage is necessary.