Running a warehouse exposes you to a lot of liability risks. Protecting yourself against these risks can play a major role in your long-term financial success. Below are four of the key liability coverages you need to include in your insurance policy to keep your business protected.
Defining Liability Insurance
Simply put, liability insurance covers payments towards incidents and lawsuits where a non-employee suffers a loss because of your business activities. This can range from personal injury to property or financial loss.
Examples of Liability Insurance
General Liability – as the name implies, general liability is generic coverage for lawsuits from third parties claiming that they experienced bodily injury or property damage because of your business.
Warehouse Legal Liability Insurance – offers payments to repair or replace your clients’ items in case they become damaged or lost while in your possession.
Employment Practices Liability Insurance – offers payments for lawsuits involving claims of unlawful practices such as discrimination, sexual harassment and wrongful termination.
Cyber Liability Insurance – in case your customers’ confidential data becomes exposed or stolen by a hacker, your policy will cover the costs that are usually associated with such incidents including lawsuits, fines and penalties, customer notifications and credit monitoring.
General liability, employment practices liability, cyber liability and warehouse legal liability insurance are only some of the liability coverages available for warehouses. Work with an experienced agent to ensure that your policy includes the coverages that fit your needs.