Business liability insurance, also known as business liability insurance, covers the financial damage your business causes to others. These include property damage (damage to others' property), personal injury (bodily injury to others) and consequential loss (damage resulting from the property or personal injury).
An example of property damage is if you, as a painting contractor, accidentally spill paint on a customer's carpeting. The customer can then claim compensation for the cost of cleaning or replacing the floor covering.
For example, an example of personal injury is if someone slips on a wet floor in your store and is injured as a result. The person can then claim compensation for medical expenses and possible loss of income as a result of the injury.
Business liability insurance also covers the cost of legal representation if a lawsuit is filed against your business because of the damage caused. Thus, the insurance provides not only financial protection but also legal support.
It is important to note that business liability insurance coverage can vary from one insurer to another. Therefore, it is advisable to look carefully at the terms and coverage of the insurance before purchasing it.
