Business & Product Liability

Although workers’ compensation insurance is a critical component of protecting your business, it certainly isn’t the only one. What if you are sued for wrongful termination or discrimination? What if a product your company manufactures causes injury to a customer or damage to his or her property? What if the negligence of one of your employees causes harm to another? As a CEO, are you protected against loss due to legal action taken against you?

As a business owner, you need to be aware of the different types of coverage that are designed to protect you, should you find yourself in circumstances such as these.

Employment Practices Liability

Sexual harassment, wrongful termination, discrimination, breach of contract. . .As an employer, you are vulnerable to these types of claims—and any one of them could prove to be disastrous for the future of your business. An employment practices liability policy safeguards against lawsuits that could mean bankruptcy.

Product Liability

If you are a manufacturer or, as part of your services, provide products from a third party, product liability insurance will protect you in the event that those products fail, causing property damage or personal injury.

Commercial General Liability

Commercial general liability policies are designed to defend against claims of injury due to negligence. This type of coverage is different from workers’ compensation. See our workers’ compensation page for more details on how these two policies differ and why they should go hand in hand.

Professional Liability (PLI), Professional Indemnity Insurance (PII), and Errors & Omissions (E&O)

As a service provider, the cost of a negligence claim—including damages awarded in a civil lawsuit—can be offset by PLI, PII or E&O insurance. If a customer or client sues you, alleging that your failure to perform resulted in his or her financial loss, a general liability policy will not cover you—but this specialized policy will.

Directors and Officers Liability (D&O)

If legal action is brought against you for alleged wrongful acts as a director or officer, D&O insurance can defend you against the costs of criminal, civil or regulatory investigations and trials.

Insurance Solutions can help you identify your vulnerabilities and guide you through the process of finding the policy that covers you and your assets. Contact us today at 866-335-8602 or by filling out the form on this page.

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