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How do I purchase liability business insurance?

It is easy to purchase liability business insurance when business owners search online. Business owners can seek several quotes for the liability business insurance they need, and the best way to do this is with an insurance broker.

The broker is highly convenient for those who do not have time to spend looking for insurance, because they are so busy running their businesses.

Liability business insurance is too important a commodity to leave for another day; business owners need to purchase their liability business insurance as soon as possible.

Claiming to have too many other important things to do is not an excuse for neglecting to address this very important issue. Within a business, too many things can go wrong for business owners to have the liberty to forgo purchasing liability business insurance.

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The Purpose of Liability Business Insurance Coverage

Liability business insurance protects a business from loss in the event that it is accused of either being negligent in its duties or failing to perform its duties with the greatest care. Although business owners may believe that they have given everything they could to do their best work for their clients, these same clients can be under a completely different impression. The result can be a lawsuit.

People Who May Consider Purchasing Liability Business Insurance

Limited Liability Corporations (LLCs) are companies whose owners have limited personal liability for the actions the corporation has committed; it also limits the personal liability of the business owners for the debts accrued by the company. A corporation is a business that is considered to be its own entity, separated from those who are running it. This gives owners of a corporation limited personal liability status.

Times When Owners of LLCs and Corporations Need Liability Insurance

Although the LLC and the Corporation offer some protection, they do not give people full immunity from being held liable for negligence. Times when owners of LLCs and Corporations can be subjected to a lawsuit are:

• When the business owners have guaranteed a loan by signing a contract,
• If the business owners ever physically harm someone,
• If the business owners have performed an illegal action or done something considered to be reckless,
• Or the business has not been conducted as if it were separate from the business owners.

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What Liability Business Insurance Will Cover

As has been seen from the list above, even though a company has become incorporated, it is still susceptible to lawsuits and has a use for liability business insurance. After purchasing this insurance business owners will have coverage for:

• Legal expenses,
• The damages awarded to the defendants for bodily injuries,
• The damages awarded to the defendants for property damage.

Liability Business Insurance Types

Businesses have three different types of liability business insurance policies to choose from. They are:

1. Commercial general liability insurance,
2. Professional liability insurance and
3. Product liability insurance.

Commercial General Liability Insurance

Commercial liability insurance provides coverage for bodily injury liability and property damage liability claims. With this insurance, the insurance company will determine how much it will pay for any judgments that are decided against the business. The business owners will be responsible for the remaining amount if any.

For example, a business may be successfully sued and ordered to pay the defendants $3,000,000. If their commercial general liability contract states that the insurance company will pay up to $2,500,000 for losing judgments, the business owners will have to pay the rest.

Professional Liability Insurance get free liability insurance quotes

Some professionals perform services for their clients and they are the ones who may need professional liability insurance coverage. This type of insurance covers the losses of a professional who may be accused of malpractice,negligence or of committing errors and omissions. People who are often susceptible to these types of claims are physicians, and they may be required by their states to purchase malpractice insurance.

Professional liability insurance is also known as Errors & Omissions (EO) insurance. Lawsuits arise for errors and omissions when someone hires a contractor such as a carpenter and the client is unhappy with the results of the work. This type of claim falls under errors and omissions, because errors were considered to be made which prevented the carpenter from being able to produce the results that were promised to the client.

Product Liability Insurance

Some businesses manufacture products that have the potential to cause injury to those who purchase them. When this happens, the people injured have the opportunity to sue these businesses. These types of lawsuits are why product liability insurance has been created, and it will be necessary if the product has a relatively certain risk of causing an injury to those who use it such as a convection oven.

In order to determine if product liability insurance coverage is a must, companies must ask themselves three questions:

1. Does the possibility exist that somewhere in the manufacturing process something can be added that creates a dangerous defect?
2. Could the product’s design be the cause of defects that puts lives at risk?
3. Are the instructions on how to avoid injury easily understood by the largest number of people?

Comparison Shop for the Best Price

As was mentioned above, comparison shopping with a broker is the way to find the cost of  liability business insurance. All business owners will have to do is let the broker know which type of coverage they are interested in purchasing. Then they will need to input the business’s information such as address, phone number and the number of employees. After the contact information for the person requesting the quote has been filled in, the process can begin.

From this point on, the broker will do the comparison shopping for their clients, and the clients will have the ability to choose the business liability quotes that are most favorable to them. All of this can be completed within a matter of a couple of hours, and then the business owners will have the liability business insurance that they need. Compare liability business insurance quotes from the top business insurance companies now!

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