Liability insurance

What is liability insurance?

Liability insurance protects your business from financial loss if it’s found legally responsible for injuries to another person or damage to their property.

Types of coverage

General Third-Party Liability

This coverage protects your business if it’s found legally liable for injuries or property damage that was caused by your product or an accident on your premises or customer’s location.

General Third-Party Liability covers four types of claims:

• Bodily injury
• Property damage
• Personal and advertising injury, including slander or libel
• Medical expenses

Umbrella Liability

This coverage provides added liability protection above and beyond your current policy. It applies when you’ve reached the liability limit on your current policy and provides protection for your business worldwide.

Directors and Officers

This coverage protects your business if it faces a lawsuit, and the members of your board of directors and officers are held personally responsible.

Your policy includes coverage for:

• Financial losses resulting from a wrongful act committed by you or someone on your policy
• Legal defense costs

Errors and Omissions

This coverage is a necessity for anyone who provides a professional service. Errors and Omissions includes coverage for financial losses caused by:

• Breach of contract
• Defective designs
• Delay in delivery
• Inaccurate advice or information
• Typographical errors
• Incorrect appraisals