Getting a comprehensive insurance is a very important for any business organization. Purchasing insurance policy will safeguard your business from unnecessary claims and financial liability that may arise in the process of running your business.
Understanding and selecting the right insurance cover for you will ensure that you are fully covered and also well informed. The common Business Owners insurance will safeguard the property, buildings and general liability in the business while the Errors and Omissions Insurance coverage will compensate for any claims arising in your business as a result of negligence or ignorance.
The standard owners’ package for business owners is a prerequisite to all businesses operating with a license. This policy is customized to protect your business from claims arising from acts of negligence that causes damage to your business property or to other people. This cover comprises 300,000 in general claims insurance and will cover the business against libel, slander and advertising injury.
This insurance cover mainly protect the business’ interests, however, a key exclusion in this case is the errors and omissions insurance cover. A business owner will need to get this policy because of any other claims that may arise from erroneous information or omission of facts to a client. The errors and omissions insurance policy is ideal for business people providing professional services like lawyers, IT specialists and doctors. This policy will compensate for defense costs and settle to the maximum of the policy agreement. This policy is recommended for entrepreneurs keen on protecting both their reputation and also that of their firm.