While some areas may not require liability insurance, it could potentially protect your small business from a variety of unexpected scenarios. Adequate insurance coverage can provide peace of mind so you can focus on growing your business instead of protecting it. However, since there are many different insurance types, here are three primary products that may benefit you and your business.
Public Liability Insurance
Sometimes public liability coverage and general liability coverage are used interchangeably, yet there are differences. This insurance product is often called PLI and is beneficial to business owners because it provides financial reimbursement for on-site injuries or property damage.
General Liability Insurance
This liability insurance package includes both public and product liability coverage. General liability insurance is ideal for most small businesses because coverage includes:
- Repair property damage for non-employees
- Medical costs for third party individuals
- Damage from products you market and sell
Sometimes commercial insurance is synonymous with general liability insurance. Yet, commercial coverage more specifically includes property insurance, workers’ compensation and public liability insurance. For example, if you fell on the job and broke your wrist, workers’ comp would pay for medical costs, and commercial liability coverage would cover any additional property damage.
Liability insurance is vital to the success and growth of your business. You invest a lot of time and money into your company, and with sufficient coverage, you can adequately protect those investments.