Mobile Business Liability Insurance

Mobile business liability insurance should be purchased in addition to property insurance. Both types of coverage offer essential protection for your Mobile, AL company. You need liability insurance to protect you in the case of legal claims against your company, and you need property coverage to protect your assets in the case of a natural disaster.

You may be able to purchase both Mobile business liability insurance and property coverage in a package deal. One option for small to medium sized Mobile, Alabama companies is called a Business Owner's Policy or a BOP. A BOP might be a very affordable way to cover the basic risks of your Mobile, AL company.

Commercial Business Liability Coverage

Your Mobile business liability insurance will cover you for third-party claims related to property damage, advertising injury and personal injury. So, if someone injures his or herself on the stairs of your Mobile, AL, office, and then tries to sue you, you're covered (personal injury). Also, if someone claims your Mobile company is guilty of libel due to advertising, you're covered (advertising injury). And, if someone claims that your company somehow damaged their property, you're covered (property damage).

Mobile business liability insurance has the duty to defend and the duty to indemnify. So, your insurer should pay all legal fees if necessary. You will want to check and see if these fees are included in your limits, because, if they are, your limits are much lower. Legal fees, more specifically, attorney fees, can be outrageously high. Anyway, your company should pay those, and also a settlement fee (if there is one) and damages (if there are any).

As you might imagine, your Mobile business liability insurance comes with a number of exceptions. First of all, your basic policy doesn't cover claims related to a product. So, if your Mobile, Alabama business sells or manufactures a product, you need an additional policy called product liability insurance.

Basic Mobile business liability insurance doesn't protect you from claims related to professional negligence, either. So, if you're offering advice, or doing anything in which your professional capacity may come into question, you need malpractice. Malpractice isn't just for lawyers and doctors, it's for many professionals, including technology specialists, architects, and so forth.

There are a number of other potential liability concerns that are not included in your basic Alabama business insurance policy. These include cars, employees (claims made by employees, that is), and liquor (again, liquor related claims). Depending on what your Alabama business does, you may or may not need additional policies to reduce liability risks.

Property Insurance

Almost every company needs both liability coverage and property insurance. A claim against your company could easily put you out of business, due to the high costs. Even a meritless claim can cause you a lot of damage. Interestingly, that's sometimes harder for people to understand than this: what will happen if a fire burns down your office?

To protect you in the event of a natural disaster, you need to have property insurance. You can insure your property to protect you in the case of theft, fire, hurricanes, and so forth. Note that most policies don't protect you from terrorist acts, floods or asbestos. You need to make sure you understand what your property policy does and doesn't cover, and whether you need additional protection.

You may also want to insure your assets. If you have an antique store, for example, you'll want to insure that nice stuff. You can insure it for replacement value or cash value. With replacement value, your insurer gives you the cost of the replacement. With cash value, your insurer offers you the market value.

Business Owner's Policy

A BOP may the most affordable way to get both Mobile business liability insurance and property coverage for your company. BOP's are meant for small-to-medium sized businesses, since they have lower risk than large companies. You may well be able to get a BOP and save yourself a good bit of money. Also, a BOP is much simpler than having multiple policies.

Not all companies or industries are eligible for a BOP, however. If your company is in the auto industry, for example, you are most likely not eligible. If you have a somewhat large restaurant, or you're serving a fair amount of liquor, you may or may not be eligible. It depends on the nature and the activity of your company.

You should talk to a Mobile business liability insurance agent about whether or not a BOP would work for you. If you're not eligible, you might want to consider other package deals offered by some Mobile business liability insurance companies. Again, combining the different risks will make things easier for you! Just be sure you choose a really good insurer to work with.

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