What Are the Different Types of Liability Insurance?
There are many different types of liability insurance. While general liability is the most common and also required by the Federal Acquisition Regulation (FAR) for Government Contractors, there are other types of liability insurance including:
• Directors and Officers – Directors and officers insurance provides enhanced protection in the event an executive team member makes a mistake that results in a lawsuit.
• Employment Practices Liability – Employment practices liability insurance will protect your company if an employee makes accusations of discrimination, harassment, unjust termination, and more.
• Professional Liability – Professional liability protects a company if an employee is negligent and a third party suffers damages in the course of their work.
• Umbrella Liability – Umbrella insurance is a good idea for those who often deal with private or highly sensitive information that has the potential to result in further claims. This will greatly increase the coverage cap on costs associated with claims incurred.
• And more