Basics of Liability Insurance

James Curtis had worked tirelessly to grow his business into a success over a 5-year span. His company deals with cosmetic products and was already making plans to open a new office in few months’ time. What he got in his mail that cold Tuesday morning was going to be one he would never forget in a hurry. A customer was suing his business for damages caused by using one of his products.

Situations like these are often common in businesses that sell products. This is where liability insurance comes in to play. There are several instances where customers or clients are victim of damages and loses incurred by your business. Imagine a situation where someone falls when visiting your office. According to LiabilityInsurance expert at Greater National Group, smart business owners know that this type of insurance is a must have for their businesses. 

This insurance covers four main categories of loss or damages:

• ·         Bodily injury
• ·         Persona injury  - slander and libel
• ·         Damage to other people’s property
• ·         Misleading or false advertising

A closer look at these categories shows that any one, just about anyone, can fall prey to this. All James Curtis had to do was put a call across to his insurer and the company sent an adjuster to help handle things. No business is too small or big to include liability insurance to their insurance package. This type of insurance doesn’t cover loss or a damage to employees; that’s what worker’s compensation policy was designed for.