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General and Specialized Liability Policies

April 13, 2006

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Insurance is the last line of defense for a small business owner executing an asset protection plan. So once an owner has a basic understanding of some general coverage guidelines, it's time to choose the types of policies.

Liability insurance covers damages that the insured causes to other persons, both personal injuries and property damage. Thus, a liability insurance policy will have separate provisions, including separate limits, for personal injury and property damage caused to other persons.

Therefore, the small business owner should become familiar with coverage issues involved in a comprehensive general liability insurance policy, as well as with specialized liability policies.

Specific forms of liability insurance (or endorsements) are necessary to cover exclusions from a standard comprehensive general liability policy. Also, the small business owner may be compelled to purchase certain specialized liability insurance in some cases (e.g., errors and omissions liability insurance), depending on the particular circumstances.

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