Business Liability Insurance
While our current team of insurance professionals was, of course, not around to see it, BayCoast Insurance’s founders were offering quality insurance to business owners as far back as 1912. Without question, today’s business world and the one we operated in a century ago are dramatically different. However, back then, the businesses that BayCoast Insurance was insuring – the textile mills, manufacturing plants, retailers and entrepreneurs of the South Coast of MA and RI – were still seeking the same thing that business owners like you require today; quality business liability insurance and peace of mind that your investment is protected from risks.
Things may not have been as fancy, fast-paced, or technologically advanced 100 years ago, but it was just as risky for a business owner. Just like today, one catastrophic event, like a fire, and these businesses could literally go up in smoke. However, in its earliest form, business insurance was pretty straightforward. Business owners primarily needed protection from a loss of any of their valuable assets due to an unexpected event. Thus, for as long as we have been in business, it’s always been smart to ensure that your company has Business Property Insurance.
Today, as you are certainly very familiar with, our economic system has become much more complex and specialized. Thus, the kinds of insurance associated with doing business have necessarily become more complex and specialized, too. With the onset of corporate scandals, cyber threats, product recalls, a 24/7 global economy, and lawsuits, the needs of businesses to protect themselves has greatly evolved and expanded. No longer is it wise to rely on just a property insurance policy to safeguard your investment. Instead, it’s critical for almost every type of business, large or small, to have a solid portfolio of liability insurance coverage as well, starting with Commercial General Liability Insurance, Professional Liability Insurance, and Excess Liability Insurance.
A typical Commercial General Liability (CGL) policy will safeguard your business against claims due to bodily injury, property damage or negligence by you or an employee of your company. For example, if you are a contractor, builder or other construction professional, you probably have both a display room where customers can visit you, and, of course, you also work on-premises at your customers’ homes and businesses. On a daily basis, you and your employees are exposed to a significant number of risky situations, where a third party could claim bodily harm, injury, or property damage. With a CGL in place, though, you will have coverage to protect you from the common accidents, like a bad fall, that can occur at a worksite or in your office building. This type of coverage can pay for related legal expenses, medical expenses, and any damages caused by your product or work. Most important, by having CGL insurance, you can ensure that one claim against your business will not have a long-term impact on your success.
Professional Liability Insurance, also commonly known as Errors & Omissions, generally protects your business from claims against you for negligence due to unintentional errors or alleged misinformation. These kinds of legal claims can be costly for any business owner, no matter your profession, and are typically not covered under the CGL. If, for example, you have a Technology Business, many other companies are relying on you and your expertise to keep their systems running smoothly. Should there be a technical snafu though, you could quickly find yourself on the wrong side of a claim from a customer who is suing you or your employee for being negligent in providing professional services. Having a professional liability policy in place will help you pay for your legal defense, judgments, or settlements you may be required to pay to compensate your client, regardless of whether those accusations are justified or not.
Finally, Excess Liability Insurance, also known as Commercial Umbrella Insurance, provides insurance limits above and beyond your other liability policies. Should a claim be filed against you, the first policy to respond is the underlying primary, whether it’s your commercial auto, commercial general liability and/or professional liability policy. But, what if the claim exhausts the limits of the primary policy? That’s where an excess liability policy would be critical to have in place. While an excess liability policy sounds like it would be a pricey policy to add, in reality it is a great value when compared to the amount of protection it affords. For example, the cost of $1 million of protection is around $150. The second $1 million in coverage will cost even less, around $75, and for every $1 million thereafter, the cost will be about $50. For many businesses like yours, the peace of mind that an excess liability insurance policy offers far outweighs this minimal investment.
Determining what liability insurance coverages you need is the first step in protecting your business. As the business insurance experts for the South Coast of MA and RI, the BayCoast Insurance team will provide you with an upfront risk assessment that uncovers any gaps and unnecessary exposures in your current liability insurance policies. Then, we will thoughtfully and thoroughly outline the cost-effective, customized solution that we feel is best to shield your business from its specific risks and potential related losses.
BayCoast Insurance has a long, proud history of being in the insurance industry, but that doesn’t mean we live in the past. On the contrary, we continue to be the area’s top liability insurance advisor for businesses like yours, including:
- Artisans & Contractors
- Manufacturers
- Technology Companies
- Financial Services
- Health Care Providers
- Retailers
- Restaurants
- Professional Service Providers
- Not-For-Profit Organizations
- And more…
For decades, clients have trusted in our guidance and advice because we are constantly monitoring the ever-changing business environment and ensuring that we are providing businesses with the optimal coverage options for any possible threats. In addition, we continuously evaluate the marketplace for the most competitive prices and benefits from the top-quality companies we represent.
Contact us today for a complimentary review of your current business liability insurance policies or to get a free quote on a new policy. We will gladly answer all your questions and concerns with the straightforward answers and advice that have been appreciated by business owners for generations.
Set up a meeting with one of our insurance advisors to find out what business liability insurance coverages may be right for you including:
- Commercial General Liability
- Professional Liability
- Employment Practices Liability
- Commercial Umbrella Liability
- Cyber Liability
- Pollution Liability
- Directors and Officers Liability
- Fiduciary Liability
- Liquor Liability
- Employee Benefits Liability
- Event Liability