Your company needs protection from lawsuits and general liability (GL) insurance in New York (also known as “commercial liability insurance”) is a broad commercial insurance policy that covers liability exposures of a business. This is vital to the continued success of any company and you need to have this coverage in place. And while the general liability policy provides broad coverage for accidents and injuries that take place on the premises there are other policies that are needed as well, to help fill in the gaps.
A policy for Errors & Omissions is recommended
Errors & Omissions (E&O) is one of several other business policies available that covers professionals for negligence and errors or omissions that are claimed caused financial damaged to their clients. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies, as they are not covered by the general liability policy. It is highly recommended that all professional and technology companies have E&O coverage of some type for protection against costly lawsuits.
Employment Practices Liability Insurance (EPLI)
EPLI is for employers and covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages when an employee or candidate for employment files a suit for such acts as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. If you have employees, chances are that, at some point in time, someone may feel that they have been victimized by an employer, another employee or another representative of the company, and file charges that will require a legal defense of some sort.
Directors and Officers Insurance (D&O)
D&O covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability as well.
General liability insurance for New York businesses is an important type of coverage that should be researched to ensure that the proper amounts in place. In addition, you need to speak to a professional insurance agent about the additional insurance coverages to make sure you are covered for incidents and event that are not under the scope of a general liability policy.