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Business liability insurance is any commercial insurance that involves a business’s responsibility for losses, injuries, or damages. Types of liability insurance include:
- General liability insurance to cover customer injuries and property damage
- Professional liability insurance for work mistakes that negatively impact a client
- Commercial auto insurance for accidents involving business-owned vehicles
- Employer’s liability insurance to protect against employee injury lawsuits
Business insurance, also called commercial insurance, provides crucial protection for any small business. If there’s an accident at your business, you could face a lawsuit. The high cost of litigation, medical bills, and property damage claims is the primary reason businesses need insurance.
The risks you face determine which policies you need. The policy most businesses purchase is general liability insurance, which protects against customer injuries and other common accidents. You may need additional policies if you have employees, own a building, own a business vehicle, or provide expert advice.
No single insurance policy covers everything. In general, there are two broad areas of coverage:
- Business liability insurance covers incidents in which someone holds your business responsible for damages, injury, or loss.
- Commercial property insurance pays for the repair or replacement of damaged or stolen business property. It also covers your building if you own it.
In certain cases, business insurance is required by law. Most states require businesses with employees to obtain workers’ compensation insurance. Business-owned vehicles must be insured with commercial auto insurance.
State laws may also require some businesses to obtain insurance as part of the licensing process. For example, bars typically need liquor liability insurance as a prerequisite for a liquor license.