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General Business Liability Options

General liability business insurance is a broad commercial / business insurance policy that covers general liability exposures of a business. Insurance coverage typically includes product liability, completed operations, premises and operations, and personal and advertising injury.

Balcos Insurance, inc. recommends that all operating businesses have general liability business insurance.

The following are additional general liability business insurance coverages that are often available.

Professional Liability (E&O)

E&O provides business insurance tailored to professionals for negligence and errors or omissions that injure their clients.

In addition to covering licensed professionals such as accountants, attorneys, insurance agents, architect and engineers, technology companies frequently have a professional liability exposure. This typically arises from the fact that the general liability policy excludes damage to data.

Technology E&O can protect your company in the event that your negligence, error, or omission causes damage to a third party’s data. We recommend that all professional and technology companies have E&O coverage.

Employment Practices Liability Insurance (EPLI)

Employment Practices Liability Insurance covers employment-related liabilities other than on the job injuries. EPLI will cover legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. Although only three percent of Employment Practices lawsuits go in favor of the plaintiff, the average cost to defend yourself in one of these is well over $200,000. If you have employees, we highly recommend this coverage.

Directors and Officers (D&O)

D&O business insurance covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There are a variety of D&O business insurance coverages:

• Corporate reimbursement coverage indemnifies directors and officers of the organization.
• Side-A coverage provides D&O coverage for personal liability when directors and officers are not indemnified by the firm.
• Entity coverage, for claims made specifically against the company, is also available.

To find out more about this product and other business insurance products and services, contact us today.