Commercial Business Liability Insurance: A Summary of Business Liability Insurance Policies
It doesn’t matter what kind of industry a business is involved in: there is always the potential to be held liable for some incident or another – especially in this sue-crazy society. You never know what kind of claim your company might be faced with, whether it’s due to alleged negligence or wrongdoing. Depending on where you live, you’re probably required to have at least basic commercial business liability insurance. There are different levels of Commercial General Liability and you need to learn the difference between occurrence-polices and claims-made policies. The former covers claims as long as the events regarding the claim occurred during a specific time period. The latter provides coverage over a specific period of time, EVEN IF the event occurred prior to the purchase of that coverage. Some insurance companies offer business policies that cover specific types of liabilities based on the industry. If you’re a tech consultant, for instance, and don...