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Posts made in April 2021

liability insurance

Various Types of Liability Insurance

Liability insurance in Newark, DE, can help protect your business from claims like malpractice or bodily injury, which could turn into expensive lawsuits or legal liabilities. The level of coverage a business needs depends on the type of business you operate. Further, there are also various types of liability insurance coverage youll need to consider when looking for a complete policy.

The three main types of liability insurance coverage are:

General Liability

This coverage helps protect you against claims that your business caused bodily injury or property damage to others. It also covers errors in your advertising or reputational harm. Its crucial to note that general liability insurance does not cover property damage to your business or your employees property. A commercial property insurance policy helps cover those claims.

Professional Liability

Professional liability insurance, also called errors and omissions insurance (E&O), helps cover claims that your business made mistakes in the services you provided. For example, if a client claims you gave them inaccurate financial advice and sues you, professional liability insurance can help cover your legal defense costs.

Employer Liability

Professional liability will not cover employees who get work-related injuries or illnesses. Your business needs workerscompensation insurance for that kind of coverage.

Workerscomp is a type of employer liability insurance that provides financial benefits to employees if they get injured or sick due to their job. Depending on your state, you may be required by law to buy workerscomp coverage. Even if its not the law in your state, its still a smart idea to arrange for this type of liability insurance coverage.

small business

Business Insurance Can Help Mitigate Risks Your Small Business Faces Every Day

Small businesses are more susceptible to risk due to their size. Business insurance in Newark, DE, can help mitigate some of the vulnerabilities that smaller companies face. When it comes to risk, you must consider the following to improve your chances of success:

Strategic Planning

A strategy to manage your business through ups and downs allows you to manage risk and meet challenges. Consider developing a strategic plan with Broadbent Insurance, Inc. even before your business gets off the ground.

Security Risks

Threats to proprietary and client information are a real possibility in the age of the internet. Develop a risk management plan with your business insurance company to address IT security.

Consider Your Liability

Liability coverage is critical, especially for small businesses. Property damage, injury to employees or customers, and failing to meet contractual obligations are good reasons to opt for this coverage.

Financial Risk

There’s a financial risk with any venture, but you can mitigate uncertainty. Create an action plan, develop your strategies, and proactively assess your finances.

Business Interruption

As recent world events have shown, no business is immune to an interruption in operations. Business insurance coverage can protect you from events like supply chain issues or natural disasters.

Risking Your Reputation

Small businesses usually overlook the risk to their reputation, an asset that cannot be replaced or purchased. Monitoring your feedback online is a crucial aspect of managing your business reputation.