Liability insurance is necessary for any business owner.
If you own a business, then you may want to think about getting liability insurance. This is especially the case if you have a lot of different employees working for you, and if you’re worried that you might have to deal with liability claims. Depending on the liability insurance policy you take out, you may be covered for several different liability issues.
Essentially liability insurance is to protect your business from claims that might be issued against you based on mistakes that your employees could make. Now, you will probably be very careful to make sure that no mistakes are made by your business, but sometimes it is impossible to be entirely mistake free. For that reason you should make sure that you have liability insurance to cover your business just in case.
General liability insurance is used to cover in case there are accidents on the property where your business is. This type of liability is usually required in order for you to do business since it is always possible that there could be on the job injuries, and you need some sort of coverage for those injuries.
However, general liability does not include liability insurance just in case your business makes mistakes. For that, you will need what is called professional liability or errors and omissions. This is the liability that was mentioned earlier, and it will cover your business in case there are actual errors made by your workers that affect your customers.
If you think that you are going to need more liability insurance than that, you can also get umbrella liability insurance as well. This is generally called Excess liability and will provide extra coverage in case you go beyond the limits of your other policies. However, while umbrella liability can extend the amount of money available for general liability, it does not apply to professional liability. Umbrella is also not necessary if you do not have very many employees since it is not likely that you will go over the maximum amount for general liability insurance.
In any case, if you have a business, then you should make sure that you are covered in terms of liability. If you do not think that professional liability insurance is necessary, you should still at least have general liability.