While planning for my wedding, there’s been so many different decisions to make. For most girls, probably the most important decision is the moment of being able to say yes to the dress.. There are hundreds of dresses to pick from. The bride ends up being zipped up, laced in, and fastened into dress after dress. Eventually, she gets to pick the one that is best for her shape, body, taste, and budget. Picking what different kinds of liability is best for you is sort of the same way.
When people think about liability, they normally think about their personal insurance. It could be the liability that falls over your home that would cover you in the case that someone trips and falls while visiting, or it may be the liability on your personal auto insurance that will fix someone’s car when an accident occurs. If you own a business, odds are you also carry general liability. General liability is good for property damage or bodily that may happen in a business environment. General liability doesn’t have to be just pinpointed to a certain building. If a plumber is at a customer’s home doing work and property damage occurs,k the general liability will follow his operations. Those are the most common types of liability coverage, but like a dress and all its accessories, you pick what you need and want.
There are so many types of liability insurance but there are five more types of liability that are most common.
- Cyber Liability – With Ashley Madison joining the hacked club with others like Target and Sony, cyber liability has become quite popular. Small business are 10 times more likely to have their system hacked than large corporations and cyber liability can affordable.
- Employer’s Liability Coverage – You never know what can go wrong when running a business. A wrongful termination or sexual harassment lawsuit shouldn’t be one of those things. Most policies can add this liability onto your general liability policy that could give you coverage for coverage to protect the employer.
- Product Liability – If good ole Uncle Sam is manufacturing cherry pies, the chance of a customer biting into a cherry pit is probably likely. Product liability gives protection to the manufacturers against any damage or injury due to the products.
- Directors and Officers – Anyone can get named in a lawsuit, especially if you’re on the board of directors for the situation that may have occurred. These policies can provide coverage against lawsuits named against the officers of a company or organization.
- Professional Liability – Most people assume that under their general liability, that all their professional operations are covered. Wrong. Professional liability gives protection to those that are working and giving professional opinions.
Customizing your insurance program is important. At the end of the day you get to decide what’s best for you. If you have questions regarding your Oklahoma City liability insurance, ECI is always here. Contact us at (405) 373-2977.