Accidents and errors are bound to happen at some point in the life of your business, so it’s a good idea to have liability insurance to protect yourself. There are three main types – general, product and professional – that you should consider when purchasing business liability insurance in Virginia.
1. General Liability Insurance
General liability insurance is designed to protect you in the event that a lawsuit is filed against your business over injuries, accidents or claims of negligence. It can cover things such as medical expenses, property damage and the cost of legal defense.
2. Product Liability Insurance
This type of insurance covers the products your business sells. If one of your products is defective, it may cause bodily harm to someone. If this happens, your business is liable.
3. Professional Liability Insurance
Professional liability insurance is designed for businesses that provide some kind of service to their customers. Your business is liable for any errors that occur as it performs a service, so these types of policies cover the related costs and damages. A common example is malpractice insurance for physicians.
If you own a business, it may be wise to reassess your insurance coverage to ensure you are protected. Talk to an insurance agent about available options for business liability insurance in Virginia.