General Liability InsuranceMay 16, 2023
Business Liability Insurance with THREE
How is THREE's liability coverage better than traditional general liability?
All businesses face threats of liability regardless of the industry they belong to. Anyone who your business interacts with could demand compensation for being wronged, and could name your business in a lawsuit.
That is why General Liability Coverage is often the first policy a new business purchases. General Liability protects your business from unforeseen claims, and is a good investment for your business.
Some common scenarios where you will need liability coverage are if you rent a space to run your business, or a client requests you have general liability coverage before starting a project. A client who you are constructing a building for, may also ask for this coverage.
Purchasing a General Liability policy is a good place to start. However, most businesses don’t realize that there are still potential gaps in this traditional general liability policy. Small businesses typically receive limited General Liability coverage. This coverage often only covers claims related to Bodily Injury, Property Damage, and Personal and Advertising Injury.
These are simple and easy to understand scenarios. For example, General Liability coverage will cover costs associated with damage to a customer's property by one of your employees. This includes the cost of repair or replacement for items your business is liable to pay for.
Gaps in traditional general liability policies
While coverage seems pretty straightforward, here’s where it gets more complicated: If a liability claim against your business does not fit neatly into one of the three categories listed above (Bodily Injury, Property Damage, and Personal and Advertising Injury), your business is left to defend itself and pay out of its own pocket.
And there are several of these costly liability claims that businesses are likely to face, for example:
Errors and omissions
If you are a consultant or accountant who gives advice to clients, your business requires Professional Liability or Errors and Omissions coverage. So that in case you give wrong advice that causes your client financial harm, legal fees are not yours to bear alone.
Claims of discrimination against employees
Your staff may also be vulnerable to discrimination by coworkers if your business doesn’t have the right tools in place to deal with these complaints.
Employment Practices Liability Insurance or (EPLI) is required to defend your business from claims of discrimination against employees.
Phishing attacks and data breaches
Phishing attacks and data breaches need cyber liability in place, and are not covered under a typical General Liability policy.
All of these scenarios would require you to buy additional policies. Even if you think they might be covered automatically, some claims that seem like they would be covered under General Liability may be denied due to a subtle nuance that you were not aware of.
THREE by Berkshire Hathaway is different
THREE’s small business insurance is designed to provide seamless liability protection for your business, instead of narrowly specifying what is covered. Our business liability coverage protects against all kinds of liability demands. Any commonsense exclusions are clearly stated in our 3 page policy, so there are no surprises.
We want to make sure you feel secure with the coverage you have. Even when you can’t predict the exact nature of every claim your business might face. Only a policy from THREE will allow you the confidence that your business has the right protection.
THREE’s coverage automatically includes coverage for Cyber Liability, Errors & Omissions, Professional Liability Insurance, Property Insurance and Employment Practices Liability. So you are prepared for situations where your small business needs more than just General Liability Insurance. So you don’t have to buy additional liability insurance.
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