What You Need to Know about Corporate Insurance
A large benefit of a corporation is the individual's limited liability for business debts. Although, this protection does come with limits. Corporation directors, officers and employees can each be held accountable and financially liable for personal actions. There are several types of corporate insurance, otherwise known as business insurance, will protect individuals who are involved in the company and the corporation itself. General liability This insurance protects corporations against any claims that are made of negligence against company representatives, products and services. General liability commonly covers legal claims due to an accident or an injury. The insurance policy will pay for any costs incurred from bodily injury, medical expenses, property damage, or slander. Property insurance As expected, property insurance covers the loss and/or damage of the company's property after events involving vandalism, civil disobedience, storm, fire or smoke. There are corporations that do not own valuable buildings and equipment should consider an investment in property insurance. Many property insurance policies define property to also include any loss of income, papers, money and business interruption. Professional liability Professional liability insurance, otherwise known as errors and omissions insurance, protects a company against claims from clients of malpractice, negligence and errors.
Essentially, the concept is comparable to general liability insurance, claims of negligently performing professional services are excluded from general liability policies.
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