There are several types of insurance policies that are available for a business owner to purchase and each type carries its own type of protection. While one type of policy may protect a business owner from losses suffered as a result of a natural disaster, another policy may protect them from accidents that occur on their premises. Because business owners put a great deal of time, effort, and money into building and growing their business, it is important that they are carrying certain types of insurance coverage in the event an unexpected accident happens.
Types of Business Insurance
- General Liability Insurance
General liability insurance, which is sometimes referred to as business liability insurance, provides a business owner with the following types of protection:
- Bodily injury and property damage liability
- Personal and advertising injury
- Medical payments
- Products completed operations
- Damage to premises
Although Florida law does not require all business owners to carry general liability insurance, businesses that do not carry it could be required to pay for claims that are filed against the company. For example, if a consumer came in to shop and tripped over a lifted tile, he/she could sue the business owner for medical expenses, lost wages, pain and suffering, etc. If the injured shopper has a viable case, the business owner’s general liability insurance would cover some or all of the expenses the victim sued for. However, if the business owner was not properly insured, he/she would then be required to cover these expenses on their own.
- Workers’ Compensation Insurance
Workers’ comp insurance is another type of coverage a business owner can purchase that would protect them if a worker suffered an on-the-job injury or illness. Workers’ comp will not only pay for the medical expenses an injured worker incurred, but it will also provide the worker with a portion of their wages if their injury put them out of work.
- Professional Liability Insurance
Professional liability insurance, which is also referred to as Errors and Omissions Insurance, provides protection against “claims of negligence related to a professional service.” If a business owner provides services or advice to clients, they could run into an unhappy customer who is displeased with the services/advice they received. If the business owner purchased professional liability insurance, they would then be protected if the customer acted on their feelings and sued him/her for negligence.
When a Business is Sued by a Customer, Business, or Another Party, They Should Contact Legal Counsel P.A.
If a business owner in Orlando learned that his/her business has been sued by a consumer, another business, or any other party, they should connect with an Orlando, FL business law attorney as soon as possible. Even if the business owner purchased the appropriate type of insurance coverage to protect them, the claim should be investigated to determine if is valid or frivolous. Legal Counsel P.A. has experienced and knowledgeable Orlando business law lawyers available and ready to assist any business owner who has questions regarding liability and lawsuits.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]