Business liability insurance is important in ensuring your business can weather mistakes, accidents, injuries and economic downturns. Here are some specific ways that NM business liability coverage protects your company.
Business liability insurance covers the cost of injuries that your business causes to customers, employees and others outside the company. It is important to obtain proper insurance coverage for the specific needs of your business. If you have employees on the road making service calls, transporting goods, or traveling for other business purposes, you should consider auto insurance. It protects your business from the costs of accidents and the theft of company property on the road.
Errors and Omissions insurance may also be an important part of your NM business liability coverage. E&O insurance covers mistakes made in performing a service that end up causing financial or other injuries to customers and others down the line. Services that review and compile records, tax preparation services, and accounting businesses can all benefit from errors and omissions insurance. E&O keeps small oversights from becoming major business stumbling blocks, but does not protect against willful acts by employees that hurt customers.
Businesses that don’t require more specific forms of business liability coverage still benefit from general liability policies. General liability coverage covers injuries that occur to customers and other outsiders on business property. Liability insurance is an essential part of a comprehensive insurance program. Don’t let your business get caught without it.