There are 512,348 small businesses in Indiana alone. Many insurance policies may be necessary when you run a company. Liability coverage applies to both personal and commercial ventures.
An independent insurance agent will review your account at no cost. They work with several markets so that you have options on policy and premium. Connect with a local expert for tailored quotes.
What Is Liability Insurance Coverage?
There are many different ways you can get liability insurance in Indiana. The assets and exposures you are protecting will determine the kind of insurance you need. In essence, all liability policies will have the same foundational coverages:
- Liability insurance: Will pay for a lawsuit arising out of bodily injury, property damage, or slander. It can be obtained for business and personal use.
What Is Commercial General Liability Insurance?
In Indiana, your commercial general liability insurance is a primary policy. It pays for lawsuits arising out of bodily injury, property damage, or slander claims. Some losses where it could apply are:
- A customer slips and falls on your premises.
- A building catches on fire.
- A product is improperly installed, causing a water loss.
When you run a business, you'll need to account for all the what-ifs. Unfortunately, most small businesses won't have the reserves to pay for a significant lawsuit. That's where the right insurance policy can help.
What Is Professional Liability Insurance?
A professional liability policy will pay for losses resulting from poor advice, errors in consulting, or negligence. This type of liability insurance is used in professions that consult, advise, and deal with financial services. Some industries where professional liability applies in Indiana are as follows:
- Real estate agents
- Insurance agents
- Financial advisers
- Business brokers
- Business consultants
What Is Employment Practices Liability Insurance Coverage?
If you have employees, there are specific policies that are needed. Like worker's compensation coverage, employment practices liability insurance is an essential policy. Check out what it covers:
- Employment practices liability insurance or EPLI: Pays for a lawsuit filed by a disgruntled employee due
to discrimination or sexual harassment in some form. I
When you have a team that you're responsible for, a lot can go wrong. With adequate coverage, you can avoid paying for a loss out of pocket. Lengthy lawsuits are cumbersome and expensive if you're not correctly insured.
What Is Liability Coverage in Home Insurance?
Liability insurance in your homeowners policy will pay for lawsuits arising from bodily injury, property damage, and slander. It will protect you and the members of your household. Take a look at some instances where this coverage could apply:
- A guest or trespasser injures themselves on your property.
- Your tree falls and damages your neighbor's roof.
- You have a pool party and a guest drowns.
What's the Difference between Full Coverage and Liability Insurance?
Full coverage refers to your personal or commercial auto policies. There are mandatory minimum limits required in Indiana if you use the roadways. When you want more coverage than just liability, you'll have to endorse it on your policy. Take a look at the difference:
- Liability only insurance: This is just liability coverage at the amount preselected for your auto policy. It will pay for bodily injury per person, per accident, and property damage of another party.
- Full coverage insurance: This will include additional coverages that protect you on the road. Things like comprehensive, collision, towing, and more are among the optional coverages you can select.
Your standard auto policy will come with liability only. If you want full coverage, it will have to be quoted. In most cases, full coverage will double your premiums.
How an Indiana Independent Agent Can Help
If you're searching for the perfect Indiana liability insurance, a local adviser can help. The right protection may be tricky to find if you're unsure where to look. Instead of trying to figure it out on your own, consider using a professional.
An independent insurance agent will have access to several carriers so that you have options. They can find coverage at an affordable rate. Connect with a local expert on TrustedChoice in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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