As a small business owner, it is essential to protect your growing company in any way that you can. Purchasing liability insurance, which is an important type of casualty insurance product, is a great way to protect a business from financial ruin in the event that a lawsuit is brought against the company for negligence or unintentionally causing harm. Some of the most popular liability insurance policies for businesses include the following:

General Liability

General liability insurance is typically a broad type of policy that protects a business when it is accused of libel or slander, or when a person is injured on the company's property. Since general liability insurance policies are broad and differ between insurance companies, it is very important to carefully read your policy so you know exactly what is covered and which exclusions apply. Depending on the exclusions of your particular general liability insurance policy, you may need to purchase additional insurance products to ensure that your company is fully protected.

Professional Liability

Depending of the type of small business you have, it may be necessary to buy a professional liability insurance policy. This type of policy protects a business in the event that an unintentional mistake while on the job. Companies that offer medical care or services typically need to carry malpractice insurance, while other types of companies buy errors and omissions insurance. Errors and omissions insurance protects a company if damages occur or someone is injured due to negligence, lack of skill, or unintentional mistakes on the behalf of the business.

Product Liability

If your small business manufacturers or creates any type of physical product, you will need to carry a product liability insurance policy. This type of liability policy is designed to protect your business if any merchandise that your company produces ends up being defective and leads to injuries or deaths of consumers.

When it comes to purchasing liability insurance for a small business, it is in your best interest to work with a very experienced insurance professional who understands commercial insurance requirements and can assess what type of coverage your business needs. The last thing you want is to spend money each month on liability insurance, only to find out that your policies have too many exclusions, or the coverage amount is too small. After purchasing the different types of liability insurance that your small business needs, you will have the peace of mind of knowing that a mistake that leads to being sued will not lead to bankruptcy. If you have questions or need an insurance plan for your new business, go to http://www.dki-ins.com for more information.