Liability insurance covers employers against work related liability.
Several types of liability insurance exist: workers compensation, general liability, professional liability, and umbrella liability. Existing since the early 1900s, "Workers Compensation insurance is the oldest social insurance program in the United States," says the California Department of Insurance.
Workers Compensation Insurance
Workers compensation covers lawsuits against employers by their employees who claim employer negligence on the job. It is required in many states.
General Liability Insurance
General liability insurance covers bodily injury and property damage that you or an employee may cause to someone else because of negligence in the product or service you provided.
Professional Liability Insurance (E&O)
Professional liability, or, errors and omissions (E&O), insurance covers you when a client claims to have suffered financial loss due to an error or omission made by you or an employee, such as mistakes in an appraisal report made by an appraiser, or a mistake in a sales contract made by a real estate agent.
Business Liability Insurance
Business liability insurance covers you if a client is injured on-site, or if you or a worker injures someone while you are off-site or at the client's business.
Umbrella Liability Insurance
Umbrella liability is a type of excess liability protecting employers when their current policy coverage is not enough.
