Business owners know the importance of protecting their company and their assets from lawsuits. A key component of any business insurance portfolio, commercial property liability insurance can protect your company from damaging judgements that arise from real or alleged injury. It differs from commercial property insurance, which protects buildings and equipment in the event of a disaster such as flooding and fires.
There are countless reasons lawsuits are filed against companies. Examples include injuries that occur at your business site and damage to personal property. A Business Owner’s Policy, or BOP, can provide liability coverage for:
- The damages a judge orders you to pay in court
- Out-of-court settlements with the plaintiff
- Lawyer fees
- Other court and legal fees
Different types of commercial property liability insurance are available for companies that have particular needs. For example, commercial boat operators can purchase commercial marine liability insurance to cover damage to watercraft and injuries occurred while at sea or in port. Customize your insurance policy to guarantee maximum protection in the event of a lawsuit.
As you prepare your BOP, be sure to consider Errors and Omissions Insurance. This important policy protects your business from lawsuits involving employee incompetence, professional negligence, mistakes, and omissions. Talk to an insurance professional today and enjoy peace of mind tomorrow.