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Understanding Business Liability Insurance

If you own a business, it is important to protect your risks with the right insurance in Princeton. While there are a variety of policies you may want to invest in, most people begin with a liability plan. There are different types of liability policies available depending on your needs.

General Liability

Some businesses only need coverage for general liabilities. A general liability policy usually protects your company from property damages, injury claims, and advertising claims.

Professional Liability

If you provide professional services to customers, then it may be wise to get a professional liability policy. This type of insurance in Princeton is sometimes referred to as errors and omissions coverage. It can offer protection against negligence, malpractice, errors, and omissions. Depending on your profession, it may be a requirement to carry a professional liability policy.

Product Liability

Businesses that manufacture or sell products probably need a product liability plan. With this coverage, your company will be protected if someone gets injured when they use the product. To get the right amount of coverage for your needs, it is important to evaluate how risky your product is to a consumer.

Protecting your liabilities is a smart business decision. In the event of unfortunate circumstances, these policies can be extremely beneficial. Without one, you could risk financial losses. For help choosing the right policies for your business, contact an insurance agent today.