Do you find yourself staring at page after page of insurance coverage options and feeling completely overwhelmed? Whether you operate a large or a small company, you need to know the basic types of insurance coverage that your company needs in order to be adequately prepared for any unexpected situation that could potentially cause financial devastation. Public liability and professional indemnity insurance coverage is one of the more confusing types of coverage for business owners, but it also one of the most important. Here are some ways to tell if your company really needs this type of insurance.
You Provide Services to the Public
If you provide any products or services to the public, you should have public liability insurance coverage. This is because you may end up dealing with a lawsuit as the result of property damage or personal injury that is allegedly caused by your company.
You Hire Professionals of Any Type
If you hire professionals of any type to work at your company, you need professional indemnity insurance. This coverage will protect your company in case a claim is filed against any of your employees as a result of a real or perceived professional mistake.
If you want to make sure your company is not sent into bankruptcy by an unexpected lawsuit, it is well worth it to protect your company with public liability and professional indemnity insurance coverage.