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Business Liability Insurance In Toledo

Westgate Insurance Agency Inc. offers liability insurance for businesses. Liability insurance is essential in protecting your business and your business’s finances. If a third party makes a claim against your company for property damage or a physical injury, you could be faced with extraordinary costs.

There are several variations of business liability insurance that are discussed below. Each business is different and therefore each business’s insurance needs are going to be different. Westgate Insurance Agency Inc. will customize your policy so that it gives you protection where you need it most.

Employment Practices Liability

Employment practices liability insurance (also known as EPLI), protects you against claims that are brought forth by your employees. No matter how fair you are in your business, there may be a time when a problem arises and an employee decides to take action against your company. EPLI generally protects against harassment claims, wrongful termination claims, age discrimination, emotional distress claims and retribution claims.

Employer’s Liability

Employer’s liability insurance protects you from claims that have to do with employee workplace injuries, workplace conditions and diseases that are claimed to be caused by workplace conditions. This type of liability can be above and beyond state mandated worker's comp.

General Liability

General liability insurance protects your company in the event that a claim is made or it’s sued for property damage or personal injury. Unfortunately accidents do happen, whether intentional or not and your business needs to prepared to be able to cover these losses if they happen. General liability insurance policies have limit caps on them but if you need more insurance to be fully protected, you also have the option of an umbrella policy to give you added coverage.

Professional Liability

If your company is in an advice giving profession, you need professional liability insurance. Professional liability insurance helps protect you when a third party sues you or makes a claim against you for giving incorrect advice that caused them damage. For example, medical malpractice insurance is a type of professional liability insurance. Other professions who often need this type of insurance include accountants, lawyers and counselors.

Umbrella Liability

If you’re concerned that you don’t have enough insurance to fully protect your business, you can opt for an umbrella policy. An umbrella policy would pay the difference between what your primary policy pays and a judgment that is awarded against your business. For example, if you have 1 million dollars in general liability insurance and a judgment was entered against your business for an injury caused to a person for 2 million dollars, that extra 1 million would have to come out of your pocket. If you had an umbrella policy for an extra 2 million, you’d be covered.

For all of your questions regarding business insurance and what you need to fully protect your company, give Westgate Insurance Agency Inc. a call and speak to one of our experienced representatives.