Although obtaining general liability insurance can be a good first step toward mitigating liability-related risks and exposures, enhancing your coverage with additional policies may be necessary. The following coverages may provide further financial protection:
Professional liability insurance—This coverage, also known as errors and omissions (E&O) insurance, can render financial aid if your business is accused of providing incorrect, negligent or late services.
Commercial auto insurance—If your business is at fault for an accident involving its motor vehicles, this coverage can help pay for third-party losses.
Employment practices liability insurance (EPLI)—By including this coverage in your insurance portfolio, you may receive financial assistance if a current, former or prospective employee accuses your business of improper workplace practices, such as discrimination, wrongful termination or sexual harassment.
Commercial umbrella insurance—This type of coverage acts as a secondary form of protection and can provide additional financial resources if the limits of other liability insurance policies are exhausted.