Decoding Types of Business Insurance: Liability and Property

Business insurance is a vital tool for managing risks and assisting your company after unexpected events. Liability and property insurance are key components of business insurance. Let’s explore these two types, emphasizing their importance and the specific protections they provide.

Understanding Liability Insurance

Liability insurance can help businesses cover injuries, accidents or negligence claims. It can cover legal expenses and any settlements or judgments made against the business. There are several types of liability insurance, including:

• General liability insurance may cover common risks such as bodily injury, property damage and personal injury claims.

• Professional liability insurance may financially protect businesses that provide professional services against claims of negligence or inadequate work. It is also known as errors and omissions (E&O) insurance.

• Product liability insurance may cover claims related to product defects that cause injury or damage and is essential for businesses that manufacture or sell products.

Exploring Property Insurance

Property insurance may cover a business’s physical assets, such as buildings, equipment inventory and furniture. It’s essential for recovering from events like fires, theft or natural disasters. Key subtypes of property insurance include:

• Commercial property insurance may cover damage to the company’s physical location and contents.

• Business interruption insurance may provide coverage for lost income and operating expenses if the business is temporarily unable to operate due to a covered event.

• Inland marine insurance may protect goods in transit and other movable property.

Why Choose Tom Reyes Insurance Agency?

Tom Reyes Insurance Agency offers insurance solutions customized to your needs. With a strong understanding of the local market and a commitment to personalized service, we can help businesses navigate liability and property insurance. Contact us today for a business insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.