No matter what type of industry a company is in, there is always the possibility of being held liable for one incident or another, especially in this lawsuit-prone society. You never know what kind of claim your company may face, whether it’s for alleged negligence or a crime. Depending on where you live, you will likely be required to carry at least basic commercial general liability insurance.
There are different levels of Commercial General Liability and you should learn the difference between occurrence and claims-made policies. The former cover claims as long as the events related to the claim occurred during a specified period of time. The latter provide coverage for 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 depending on the industry. If you are a technology consultant, for example, and you don’t have a lot of physical assets, then you will want electronic data protection as part of your policy. For some technology professionals and companies, electronic data is even more valuable than infrastructure or office furniture.
Free quotes and consultations are available to help you get the best (and most affordable) commercial liability insurance possible. The quote will vary depending on the type of industry you are in, company size, location, state, past claims history and other factors. It is important to take the time to fully evaluate your risk exposure and then purchase a policy that best protects you, as coverage may be limited to a specific dollar amount for the policy period.
Commercial liability insurance for IT professionals
Even if you are an IT professional and do not use your own equipment, but have access to your clients’ equipment, you may want to consider liability insurance to protect yourself in case you accidentally damage equipment, or are charged with any equipment-related losses.
On the other hand, if you own a business and have a few employees, most states require you to carry some type of workers’ compensation policy. The minimum number of employees varies according to the state where it is located. This type of policy protects employees if they become ill or suffer an injury while working. It usually does NOT cover non-traditional employees, such as volunteers or interns.
For those in advertising, marketing and journalism, there are concerns about copyright infringement, libel, etc. Some business insurance policies cover these issues..
