As a business owner, you need to be aware of various risks to the success of your organization. A lawsuit or claim made against your business can threaten its future. Various type of insurance coverages can protect your interests. For example, general liability insurance would cover injuries to third parties in your office or workplace. Other type of insurance products can help cover your six when it comes to the way you operate.
What Other Liability Coverage Do I Need?
Whether you work with other businesses or individual customers, there are other types of liability coverages you should consider:
- Professional liability or E and O coverage: This insurance refers to errors and omissions in a deliverable or work product.
- Management liability or D and O coverage: This protects your company from outside claims related to decisions made by high-level management, business owners or firm principals.
- Employee practices liability or EPLI coverage: This type of policy covers claims made by individuals within your organization.
These types of liability insurance are not the same. E&O and D&O largely cover external claims, while EPLI coverage protects from internal claims. A comprehensive risk approach includes these coverages as well as other typical business protections such as property insurance, general liability and workers’ compensation.
How Do I Find the Right Provider?
Your business needs an insurer that helps you find comprehensive coverage. Not all insurers are created equal. Choose a company that can put together policies that complete your risk management approach.