Business Liability Insurance
Gilbert Insurance Covers Your Business Liability Insurance Needs in Reading, North Reading, Stoneham, Woburn and Throughout North Shore MA & Greater Boston
Referring to the survival of our constitution, Benjamin Franklin famously said that nothing is certain except death and taxes. But we believe there are a lot more things that you can count on to happen throughout the stages of your life, and you can bet the professionals at Gilbert will be by your side through all of them.
For business owners specifically, Gilbert Insurance would like to offer two additional inarguable truths:
- Every business is unique
- Each business has liability risk
As a business owner, you may own equipment, vehicles or property; you may manufacture a product and carry inventory or solely sell a service; you may have just a few employees or you may be responsible for the livelihood of hundreds on your payroll. Regardless of the type and size of your company, every one of these components comes with a certain level of liability risk.
At Gilbert Insurance, our professionals will get down to the nuts and bolts of what makes your organization tick and how exposed you are to risk. After a thorough assessment of your company’s specific needs, we will be able to confidently find you the right business liability insurance to help you protect all of your valuable assets, including your greatest one; your reputation.
Secure Your Company’s Future With Five Powerful Business Liability Policies
#1 Commercial General Liability (CGL)
If a customer has an accident at your facility, accuses your employee of negligence or claims your marketing of a product or service was misleading in any way, your business could be embroiled in a legal proceeding. This is precisely why almost all business types have a Commercial General Liability policy. If your services, products, or even your employees negligently injure or harm your customers or their property, this coverage pays for many of the associated costs, such as medical and legal expenses, compensatory and punitive damages (where allowed by law), and attorney fees.
There are three main exposures that are covered under a CGL: Premises Liability,
Products Liability, and Completed Operations Liability. Whether you need all three options in your policy will depend on the nature of your business.
#2 Commercial Umbrella (or Excess) Liability
Choosing to have a Commercial Umbrella Policy is a wise strategy for enhancing your liability insurance coverage. It is the “Plan B” you want to have in place should something catastrophic happen that exceeds the limits of your commercial auto, commercial general liability and/or employers liability coverage. In some cases it may also broaden your liability coverage. If the limits of any of these insurance policies are exhausted by the payment of claims in a lawsuit, you will be glad you invested in a commercial umbrella policy to provide the excess coverage that you need.
#3 Professional (or Errors & Omissions) Liability
Claims of negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice are best covered by a professional liability insurance policy. Generally, these policies cover financial losses rather than bodily injury or property damage. For many professional advice- and service-producing companies, this errors and omissions liability insurance is critical to have to cover the full cost of defending against claims and to pay for damages awarded in a civil suit.
If there is a chance that you, your employee or your product could fail to perform for a customer, then we recommend you consider a professional liability insurance policy.
#4 Employment Practices Liability (EPL)
This powerful coverage is a safeguard for you and your company against employee lawsuits claiming wrongful termination, sexual harassment or discrimination. With the number of lawsuits filed by employees against their employers on the rise, Gilbert Insurance believes EPL is the most underrated and overlooked liability coverage your business should have. Consider this: even if a case against you and your company has no merit and you are found innocent, the cost to defend yourself could be in the tens of thousands of dollars. EPL includes coverage for defense costs whether a claim goes to court or is settled out of court, as well as for any agreed upon settlement.
Based on the size of your company, the number of employees you have, and your level of risk, the Gilbert Insurance team will review and help you find the appropriate amount of EPL coverage. We will also advise you on whether your specific situation requires a stand-alone policy or if EPL can be added as an endorsement to your Commercial Package Policy.
#5 Media (or Publishers) Liability
Any company that regularly publishes information for either public or private consumption really should consider Media Liability Coverage (also known as Publishers Liability). Whether you produce traditional forms of media, like a magazine, newspaper, periodicals, books, directories, mailing lists, or greeting cards, or you’re creating e-media, like website blogs, email newsletters, and digital advertising, or you’re doing a combination of both, it’s important to be aware that every time you put something out into the world, you could be exposing yourself and your company to claims of libel, slander, advertising liability and personal injury. While your CGL policy includes some coverage for libel, slander, and false arrest, it is generally not enough to protect your business if your income is generated from the publishing of this type of information. Media liability coverage is a highly specialized product that not every carrier provides, so to find the best coverage, at a competitive price, you need to work with an independent insurance agent, like Gilbert Insurance, who will thoroughly evaluate the quantity of publishing you do, and your subsequent risk level, in order to determine how much protection you need.
Identifying the specific exposures your business faces and designing the proper business liability insurance plan to cover these risks is what the knowledgeable professionals at Gilbert Insurance are trained to do. Through a thorough risk assessment process, our team will determine what combination of policies will be the most beneficial and effective safeguard for your business. Contact us for more information at (781) 942-2225.
A Gilbert Insurance professional would be glad to answer any questions you have about these additional liability coverages as well:
- Cyber Liability
- Pollution Liability
- Directors and Officers Liability
- Fiduciary Liability
- Liquor Liability
- Employee Benefits Liability
- Event Liability