There are many types of insurance policies to consider for your business. To better understand which type of insurance is best for your business let’s look at a comparison between a business owners policy and general liability insurance.
General liability insurance coverage protects against financial loss as a result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits and settlement bonds or judgements.
A business owners policy is an insurance package that generally includes commercial general liability coverage along with commercial property coverage, business interruption coverage and may include other lines of coverage tailored to your industry.
- Commercial general liability coverage helps assist with the cost of lawsuits or claims brought against the company for bodily injury, property damage or other advertising liability issues as a result of negligence.
- Commercial property coverage protects a business from losses or damage to buildings, inventory, machinery and other business property. This can include fire, theft and other hazards that occur and potentially threaten the business.
- Business interruption coverage covers the cost of lost business due to the time it takes to return to fully operational after an event has occurred.
In summary, all businesses should at least carry general liability but to help protect your business from a much broader range of risks the business owners policy is required.
Clockwork Insurance Agency has agents who can review in detail the identifiable needs of your business and create a comprehensive insurance package that fits your needs. For more information call us at 504-262-8240 or email us at: info@clockworkins.com
