Business Liability Insurance

Business liability insurance protects both your business and personal life from financial ruin. It is especially important for small partnerships or sole proprietorships.  If you think being an LLC or S-Corp means you don’t need to insure your business, think again.   According to About.com (http://sbinformation.about.com/od/insurance/a/liability.htm), You can be personally liable if:

• you have signed a personal guarantee for a loan
• personally you have injured someone
• you have acted in an irresponsible or illegal manner
• you do not operate your business as a separate entity

Know the different kinds of liability insurance.

• General liability insurance:  this form of coverage protects your business from injury claims, property damages and advertising claims.  This is the only coverage some businesses need, but you should meet with a qualified commercial insurance specialist to find out for sure.
• Professional liability insurance:  If you are a service provider, you may need to carry Errors and Ommissions (E&O) insurance.  This protects you against malpractice, errors, and negligent omissions.
• Product liability insurance:  If you sell or manufacture products, you need this coverage to protect you in the event of a person becoming injured as a result of using your product.

For more information, check out the resources below:
Small Business Insurance Resources
Business Insurance Fraud

Morgan & Associates has several commercial insurance specialists ready to give you answers on any question about your business.  We pride ourselves on staying abreast of current laws and trends in the industry, and we are here to help you make sure your business is protected!  Contact Us today!