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By Eric Delano

Any person who runs a business should know how vulnerable he or she is to the many common claims that are generally faced by any type of company. It is hence necessary for every business owner to prepare him or herself with the primary line of defense by obtaining a Commercial Liability Insurance policy to protect his or her assets.

With the day-to-day uncertainties of running a business, no matter its size, it is always easing to know that when something goes bad, you have the support of a commercial liability insurance to help for any liability claims that can be filed by your customers.

The following are some varieties of commercial liability insurance to shield you and your business from financial ruin:

General Liability Insurance

It does not matter what kind of business you operate, you need to obtain a Commercial General Liability Insurance to shield your business from advertising claims, injury claims or even claims on property damages. Most employers survive on this kind of insurance alone but if you purchase is as part of a company owner’s policy then you get a normally low coverage. You can always purchase this type of coverage as a separate policy for more coverage. As a general rule, a company requires more liability insurance coverage if it is faced with a greater risk based on the type of the business.

Professional Liability Insurance

If you are running a service-based business, then the commercial liability insurance that suits your company would be the Professional Liability Insurance. Such insurance will help you pay for the costs and the damages that may happen when a customer files a negligence claim in case of error or omission, financial losses or claimed failure to perform on the part of the policyholder. If you are in the law or medical professions, then you need to buy Professional Liability Insurance.

Product Liability Insurance

If you are engaged in the business of selling products, then you can benefit from the coverage provided by the Product Liability Insurance. This type of insurance covers you in case your client suffers loss or injury because of a problem in the product. If you already have a General Commercial Liability Insurance then check out the inclusions as it generally has Products-Completed Operations Insurance, which is likewise the same as Product Liability Insurance. As a seller, you can face many or all of the three kinds of claims including production or manufacturing flaws, flaws in design or defective warnings or instructions. Ask any business enterprise that had the misfortune of being slapped with product liability claims and they will inform you just how such claims can put you out of business.

Maintaining your own company or practicing your profession can be lucrative but it does have its disadvantages and, furthermore it is your vulnerability to Commercial Liability Insurance claims. While this should not halt you from beginning a venture, it should, however, serve as a warning and push you to buy the required Commercial Liability Insurance to keep you shielded from negative claims that can put you in financial ruins.

About the Author: Giacomo Palermo is an insurance expert who has helped individuals and residents in getting affordable, competitive

commercial liability insurance in California

and

individual insurance plans

quotes for the past 20+ years.

Source:

isnare.com

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