Mississippi Commercial Liability Coverage

Your Complete Guide to Mississippi Liability Coverage Insurance

Make sure your businesses is fully covered against all of its potential liability exposures.

Mississippi Business Liability Coverage Insurance

In December of 2019, a woman in Lee County was awarded $100,000 when she sued her employer for retaliation after she reported problems at her workplace. In November of 2019, a Jackson County resident was awarded $1.5 million after being injured in an accident caused by the driver of a tractor trailer. In August of 2019, a Madison County plaintiff was awarded $1,379,898 in a negligence lawsuit against a roofing company.

These are just a few examples of the liability cases that are heard in Mississippi every year. Judgments against businesses can often be quite high, so it is important that you protect your company with the right business liability insurance products. A local independent insurance agent can help you find the best and most affordable coverage.

What Is Business Liability Insurance?

Business liability insurance (also referred to as commercial liability insurance) is coverage that is designed to cover businesses against financial losses related to potential liability lawsuits. It does this by covering expenses such as the following.

  • Legal defense fees
  • Court costs
  • Arbitration fees
  • Administrative fees
  • Settlements
  • Judgments

There are several different business liability insurance products available. It is important that your business carries the right set of policies so that it is covered against all of its liability exposures.

What Is Commercial General Liability Insurance?

Commercial general liability insurance (or “CGL”) is standard coverage that is included in any business owners policy (BOP) or business insurance policy. This insurance is designed to cover businesses against some of their most common liability risks. CGL coverage includes the following.

  • Premises liability insurance: This is designed to cover against third-party injuries or property damage that occurs due to an accident on your business property.
  • Product liability insurance: This is designed to cover against third-party injuries or illnesses caused by a defect in a product your business produces, sells, or promotes.
  • Advertising liability insurance: This is designed to cover against accusations of copyright infringement, false advertising, deceptive pricing, and other marketing errors.
  • Coverage against accusations of libel or slander

The coverage offered by CGL is extensive, but it isn’t enough to cover all businesses against all their liability exposures. That is why that many businesses also purchase additional liability products like the ones that will be mentioned below.

What Are Good Liability Insurance Products for Employers in Mississippi?

Any business that has employees takes on some liability risks. The following commercial insurance products can help to mitigate these hazards.

  • Employment practices liability insurance: This is designed to cover your business against accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
  • Workers’ compensation insurance: This can shield your business from potential liability lawsuits related to workplace injuries. It covers necessary medical treatments and lost pay if your employees are injured on the job or suffer an occupational illness. In Mississippi, this coverage is required if you have at least five regular employees.
  • Directors & officers insurance: This is designed to cover individuals on your board of directors and high management positions if they are sued for leadership errors that result in losses to individuals or stockholders.
  • Professional liability insurance: This is designed to cover individuals in professional positions against errors in judgment and other professional mistakes that result in financial losses or other damages to their clients.

Learn more about these commercial liability insurance products by speaking with a local independent insurance agent.

Business Liability Insurance

What Are Good Liability Insurance Products for Mississippi Businesses that Use Vehicles?

Accidents happen. If one of your employees causes a collision while driving for company business, the resultant liability costs can be quite high, so it is important that you have sufficient coverage against this risk. Depending on what your business does, you may want to consider the following.

  • Commercial vehicle liability insurance: This is necessary if your business owns a vehicle or fleet of vehicles. Your policy must meet or exceed Mississippi’s minimum coverage requirements for the type of vehicle you are insuring.
  • Non-owner vehicle insurance: This is designed to cover your business’s potential liabilities if one of your employees causes an accident while driving their own vehicle but while doing work for your company.

If your business owns large vehicles like passenger vans, 18-wheelers, or dump trucks, your liability requirements will be higher than they are for a passenger car. Talk to a local independent insurance agent for guidance.

What Other Liability Insurance Products are Available to Businesses in Mississippi?

There are several other commercial liability products available that Mississippi business owners can choose from. For instance, depending on what your business does, you may be interested in coverage such as the following.

  • Cyber liability insurance: This is designed to cover your business’s liabilities if hackers access your company’s computer system.
  • Liquor liability insurance: This is designed to cover your business’s liabilities if someone who works for you serves alcohol to a minor or to a visibly intoxicated patron who then goes on to cause damage or injuries to others.
  • Environmental liability insurance: This is designed to cover your business’s liabilities as well as cleanup costs if an accident or disaster leads to the pollution of the land, water, or air by toxic substances used, sold, or produced by your company.

Talk to a local independent insurance agent to learn more about these and any other commercial liability products that may be a good fit for your Mississippi business.

How an Independent Insurance Agent Can Help You Find the Right Liability Products

When you are shopping for any kind of insurance products for your Mississippi business, a local independent agent can serve as an invaluable resource. These agents can do a complete risk assessment of your business to identify any potential liability exposures. Your agent can then recommend appropriate policies to cover against each of them.

There are more than 200 independent agents in Mississippi. Arrange an obligation-free consultation with an insurance agent near you to start comparing a variety of customized quotes for business liability insurance products.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.mslitigationreview.com/articles/verdicts/
https://www.iii.org/publications/insuring-your-business-small-business-owners-guide-to-insurance/specific-coverages/liability-insurance
https://www.iii.org/article/commercial-general-liability-insurance