Greensboro Business Liability Insurance

Greensboro business liability insurance will protect your company from third-party claims related to personal injury, advertising injury and property damage. Your Greensboro business liability insurance will cover all court fees, as well as potential settlement fees or damages. Your North Carolina small business liability insurance policy will even post a bond on behalf of your Greensboro company as guaranteed payment.

However, Greensboro business liability insurance policies contain a number of important exclusions. Most likely, you will need to compensate for some of these exclusions by adding additional coverage. For example, if your Greensboro business involves offering advice, or anything in which your professional activity may come into question, you need to purchase malpractice coverage as well. Comparing liability business insurance rates will tell you exactly what you can afford.

Also, you should be well aware of the limits on your Greensboro business liability insurance policy. These limits are significant and need to be set sufficiently high in order to protect your Greensboro, NC business. It's important to understand exactly what these limits include, and what they exclude, and make sure you have sufficient coverage.

Policy Exclusions

As mentioned, your Greensboro business liability insurance policy will not protect you from claims related to professional negligence. Consult with a Greensboro, North Carolina insurance agent if you believe you may need malpractice coverage. Malpractice is not just for doctors and attorneys; it's for technology specialists, architects, and many other professionals.

Furthermore, your Greensboro business liability insurance policy won't protect you from claims related to the product that you sell or manufacture. You need an additional policy to protect your North Carolina company from claims regarding harm that your product has caused. If, for example, you are manufacturing ovens, you need a solid policy in case one malfunctions and harms someone.

Note that your Greensboro business liability insurance doesn't cover company cars, either. So, if you or any of your employees will be driving for business purposes, you need to have a particular policy to protect your cars. Your personal auto insurance policy won't be sufficient if you're using your vehicle for commercial purposes. Again, if your uncertain, check with a Greensboro insurance professional as to whether or not you need to insure your company cars.

Your basic business liability insurance policy won't protect you from alcohol related claims, either. If your Greensboro, NC business involves selling or serving alcohol, you need a liquor liability insurance policy as well. You will need to check North Carolina dram shop laws to make sure you're sufficiently protected from alcohol related claims.

If you have employees, you need to have workers compensation to cover medical expenses in the case of an injury. Furthermore, you should have Employment Practices Liability Insurance, or EPLI, as well. Your basic liability policy only covers you for third-party claims, so you need an additional policy to protect you from claims made by your employees (such as harassment or wrongful termination).

Furthermore, if an employee acts wrongfully, and your company doesn't know, EPLI will provide the defense of the company. That being said, basic liability policies don't provide coverage for intentional wrongdoing. So, if you intentionally harm someone, breach a contract, or anything along those lines, your basic policy won't cover you.

Limits

Your Greensboro business liability insurance will have two limits: a single occurrence limit and an aggregate limit. The single occurrence limit refers to the amount your policy will pay in the case of one single incident. The aggregate limit refers to the total amount your policy will pay during the period of coverage. The aggregate limit is usually double the occurrence limit.

It's important to understand the fine print of your policy when such limits are set. Your policy has the duty to defend and the duty to indemnify, as stated earlier. In other words: all legal fees should be covered, as well as the settlement fee. That being said, you need to understand whether your limits include or exclude legal fees.

Obviously, if legal fees are excluded from the limits, your limits are much higher and more forgiving. If legal fees are included, however, you'd better make sure that your limits are set high enough. Do not underestimate the cost of legal fees! Also, consider what kind of settlements are typical in your industry when considering the limits.

You should probably consult with a professional when insuring your company. It's much harder to insure a company than a car, since there are so many subtleties involved. Every business has different risks, as does every industry, and it's important to have specific, and thorough coverage.

Remember, insuring your company is absolutely essential. If you don't, you could lose everything from a simple misfortune. So, find a good, trustworthy Greensboro business liability insurance agent to help you insure your company. An agent can explain the technicalities of the complicated policies, and help you secure appropriate coverage.

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