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Protecting your business is the main priority of every entrepreneur and self-employed individuals. In any unlikely event, there is a chance that you may lose your hard-earned income because of unforeseen circumstances like theft, direct accidental damage on your property or even worst- lawsuits arising from the everyday operations of your business. General Liability Insurance and Professional Liability Insurance will make sure that you are protected from unpredicted situations that will jeopardize the profitability of your business that you have worked so hard for.

It is understood that when you do business, you most likely have invested a lot in it. Be it money, time or property. It is important to safeguard all these so all your effort don’t go to waste.

Business Property would have to be one of the biggest investments. It may be your business equipment, machines, supplies, raw materials or any upgrades on the business premises. All business owners must make sure that these are all protected in your insurance policy. Any under insured business property may cause a serious impact in the operations after a loss. You have to make sure that you have considered all the business properties in calculating for the amount insured under Business Property.

Most common losses of business property are fire, water damage caused by bursting of pipes, theft, explosion, flood or overland water damage (make sure you check with your broker if your policy covers this) and any other direct accidental physical loss to your business property. It is important that you talk to your insurance broker/agent/adviser on the coverage of your business property and regularly review it with them during your renewal.

One of the biggest and most common impact to a business or commercial enterprise would have to be if it is involved in a lawsuit. This is why General Liability Insurance is very crucial in any operating business and even for self-employed consultants. In the event of bodily injury, personal property damage, and personal injury, the General Liability Insurance will respond to any litigations arising from these situations. Any client, potential client, guests, visitors and even trespassers who get injured in your property can potentially sue you for their medical expenses and additional damages caused by the injury. The insurance will cover the litigation costs and any damages awarded to the plaintiff which is why you should carry a sufficient amount of General Liability in your Commercial Insurance Policy.

Whether you are a large corporation, small business, contractor or an individual consultant, as long as you operate your own business, you have to carry Commercial Insurance – CGL (Commercial General Liability) and, in addition, get a Professional Liability Insurance for further protection on your work or finished product. Discuss all these with your Insurance Advisor to ensure that you and your business assets are fully protected.

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