What is Business Property Insurance?
Liability insurance will protect your business assets in the event you are sued. These days, with lawsuits clogging the courts, you’ll want to maintain a proper amount of liability insurance to protect the business you’ve worked so hard to build. Your company can be sued for something it did — or even didn’t do — that resulted in injury or property damage to someone else. Liability insurance will not only pay the cost of the damages but also the legal fees and other costs associated with your defense in a lawsuit. The expenses of defending yourself against such claims in court can be substantial, regardless of whether or not the lawsuit has merit. However, liability insurance will not protect you against claims arising from nonperformance of a contract, wrongful termination of employees, sexual harassment, or race and gender lawsuits. There are some guidelines to consider, but no standard formula. Determining the amount of liability insurance to buy is an important task, since the sky’
