Business Liability Insurance
What Does Business Liability Insurance Mean?
Business liability insurance is a type of insurance that protects a business and its owner from liabilities that may arise from business operations. It primarily covers the legal costs involved when someone files a formal lawsuit against the company for injury or property damage.
Business liability insurance is also referred to as commercial liability insurance.
Insuranceopedia Explains Business Liability Insurance
Business liability insurance protects a company from the expenses associated with litigation. For business owners, any form of lawsuit can lead to significant costs that may place their company in a challenging financial situation. As a result, many opt to purchase commercial liability insurance as a form of financial protection against these expenses, covering legal defense costs and other associated expenses, such as settling a claim with an injured party or a property owner. The three most common types of business liability insurance are public liability, product liability, and professional liability.
