As an independent insurance agency, personal lines is an important part of the products
At Body-Borneman, we know that our clients have more than automobiles and homes
Body-Borneman specializes in Commercial insurance, with over 2,000 clients
Being protected by an insurance policy from the risk that they can be sued and held legally accountable for anything such as wrongdoings, injury or negligence. Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies. Liability insurance is very important for those who may be held legally liable for the injuries of others, especially medical practitioners and business owners. A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations.
Insurance that protects a company and/or business owner in the event of a formal lawsuit or other third-party claim. Coverage includes any financial liability incurred in addition to expenses related to the company’s legal defense. There are three main types of business liability insurance: general liability insurance, professional liability insurance and product liability insurance. If you are a small business owner, your form of ownership – especially a partnership or sole proprietorship – could put your personal finances at risk in the event of a business-related lawsuit. Even under a limited liability corporation (LLC) you could still be exposed to personal risk. Business liability insurance can provide you with greater insurance protection than is offered by your legal structure. New or additional insurance policies should contain an exclusions clause to minimize cost by avoiding duplications of coverage provided in other policies and/or to eliminate any unneeded coverage.
Errors and omissions (E&O) insurance
Liquor liability insurance
Product liability insurance
Environmental Impairment Liability (EIL) Insurance
Pollution liability insurance
Event liability insurance
Having business liability insurance is crucial to the persisting success of your business. Each and every business liability policy must always be tailored to your exclusive business, or you might face having limited or no coverage when it’s needed the most. In order to find good basic and specialized commercial liability insurance, you can consult with an independent agent who represents multiple insurance, with that being done; you can then address all of the insurable risks inherent in your business. You will then be able to determine the type and amount of coverage you need based on:
o Business size, type and value
o Type of work you do
o Type of risks
o Level of liability
One of the most expensive business insurance claims is liability claims. Without having appropriate liability coverage, one lawsuit or unexpected event can force you to shut down your business. Business liability insurance can help ensure protection for your business from any risks that may surface. In order to protect your business from cyber incidents, PR disasters, and the impact of new technologies, you need:
General Business Liability Insurance also known as Commercial general liability insurance (CGL) is the most basic form of business liability insurance.
General liability insurance is a contract that protects a business against claims due to injuries, accidents, and negligence. It can protect your business from costs related to bodily injury, property damage, medical expenses, legal costs, judgments, and personal injury claims such as libel and slander. In order to protect your business from more specific types of emerging threats, you may need to purchase additional liability policies.
Cyber liability insurance is vital for any business that uses electronic data information. If you are sued because of a data breach or other cybercrime, your business could be held legally responsible for paying legal fees, court-ordered judgments or settlements, and any other court edicted costs. Your general liability policy may not cover these costs appropriately.
Cyber liability claims are also extremely expensive in terms of fines, public relations costs, and other expenses you must pay on behalf of your affected customers.
Cyber liability policies continue to develop because of the vast changing nature of the threats; most cyber liability insurance policies protect your business assets by covering your legal defense costs, as well as any settlements and judgments that you are ordered to pay. Helping repair reputations and damage caused to their brands in situations by providing coverage for PR and other related expenses is what cyber liability insurance provides.
Employment Practices Liability insurance (EPLI) is another form of liability insurance for your business that is becoming more important as technology changes. EPLI provides protection from claims and lawsuits brought against a business, its officers or directors, or its employees and managers for discrimination, wrongful termination, sexual harassment, and other employment-related allegations.
In addition, EPLI covers claims related to employee benefits mismanagement. In today’s advanced and modern society, it’s not hard to imagine a scenario in which new technology makes it possible for an employee’s benefits enrollment or personal health information to be made public involuntarily. EPLI insurance would protect you in such a mishap.
In today’s modern times, many people sue first and ask questions after. Employee lawsuits can be much more than just an inconvenience. They are costly, time consuming and a major distraction for your management team and can easily abrade productivity and employee’s self-confidence. Employee lawsuits are becoming much more common, making employment practices liability insurance a necessary asset for any businesses whether large and small. Employee lawsuits have risen roughly 400%, with unjustified termination suits jumping up more than 260%. It’s not just large corporations that are being hit anymore. It has been said that roughly 41.5% of employee lawsuits are brought against private companies with less than 100 employees. The financial damage of employee lawsuits can be dramatic; the cost of settling out of court averages $75,000, and the average jury award hits $217,000 if you go to court and lose.
It’s not just indefensible termination that can end in a lawsuit; there are many reasons for getting sued. Despite all of these large numbers, about 7 out of 10 businesses don’t carry EPLI insurance. This can be a costly mistake.
The Internet seems to be where businesses are centering their efforts, whether they involve refurbishing your website to keep up with the competition or creating social media accounts to attract new audiences. Charting a new business course presents new risks. Navigating the Internet can be difficult enough when dealing with multiple accounts, email marketing and search engine optimization, but you’re also responsible for protecting the information that you store there. Cyber liability insurance can be the answer you’re longing to find.
You need to then analyze your risk factors and suggest a policy that works for you. Whether you need cyber risk insurance or other business coverage, an agent of your choice can help you review your options and compare price quotes. Independent agents are concerned with your company’s well-being and dedicated to quality customer service.
Despite popular opinions, a lot of businesses are vulnerable to a cyber-attack and your general liability policy may not cover the associated risks, which include loss of control over sensitive customer data.
To understand what protection cyber risk insurance provides, you must first understand the risk you face as a business. Cyber-attacks don’t necessarily occur in the ether of Internet. Cyber-attacks can also include computer hardware problems, communication media errors, system backup and operating system errors and even errors and fraud involving internal people like system administrators.
A company can face three common types of cyber risks:
Natural- The most common errors and losses result from severe weather. For example, a lightning strike or power surge can severely damage or destroy an entire database.
Human error- these unintentional acts can involve something as simple as leaving a laptop that has access to patient medical records, at the airport.
Intentional – This involves illegal criminal activity and can occur outside the organization, by hackers or criminals, or inside the organization.
No matter what kind of cyber-attack you experience, the consequences of an attack can be expensive. In addition to retrieving information and establishing new cyber protocols, many companies have to perform clean-up efforts with a customer base. Cyber liability insurance can help with each step of recovery.
Before purchasing a cyber-liability policy, check your general liability policy, and assess your cyber activity and risks. If you realize that your general liability policy will cover small scale hacking and you rarely operate within the bounds of cyberspace, you might not need to buy a policy that provides additional cyber risk protection. On the other hand, if you run payments through a POS system, or you run a health practice or law firm that stores sensitive client information on an online database, it’s possible that your general liability won’t fully handle the consequences of a data breach. Other institutions that might consider purchasing a policy include the following:
Liquor liability insurance will ensure coverage for your business in terms of personal injuries and property damages for a liability lawsuit. Even if your business is found to have acted properly and the liability suit is dropped, your business could receive high charges for legal defense fees and court costs. Fortunately, liquor liability insurance covers these expenses as well. However, you will need to be certain that assault and battery coverage is included as part of your liquor liability coverage. This may be necessary if an alcohol-fueled misunderstanding breaks out in your place of business, or if a bouncer causes injuries to unmanageable patrons while escorting them out of the bar.
Most states require all establishments that serve, sell or assist in the purchase of alcohol to carry liquor liability insurance. Even if your business is located in a state that does not see this coverage as mandatory, you may be required to carry it by your financial institution if you have taken out a large business loan or by your landlord if you rent the space in which your business is located. This insurance is one that is especially important to bars, taverns and nightclubs. It may mean the difference between maintaining a profitable business and closing your doors when you ever face a liability lawsuit.
Extremely important and complex projects for your clients may often be run and they may not fully understand. However, professional liability insurance is especially important for businesses like IT/technology consultants, business consultants and marketing consultants for whom incorrect advice or a failure to perform professional services could lead to a lawsuit. Even if a mistake hasn’t been made, the possibility of being sued still exists. A general professional liability insurance policy will cover legal fees, protecting you and your business from potentially crippling costs. Buying this type of insurance will often mean you enjoy greater overall value. Depending on your specific business, you will be asked questions about the types of risk management practices you have in place, allowing you to receive the most appropriate rates.
Also, by choosing a higher deductible (the initial amount you pay for each claim), you can lower your premium. It only seems fair considering you’re taking on more of the risk. Professional liability insurance premiums vary a lot depending on several factors, including the size of your business, your occupation, the types of activities you conduct, and the level of protection you choose. Professional liability insurance coverage gives your business protection from the risks you face in delivering your professional services.