When you first start up a new business, you will have a long list of things that you need to do. At the top of this list should be obtaining insurance coverage to protect your business's assets, yourself, and your employees.

As part of the coverage, you also need to make sure that you include liability insurance to protect your business from outside sources and claims. There are two types of liability coverage that you should have as part of your business's insurance plan, as discussed below.

1. General Liability Coverage Helps Protect Your Business from Personal Injury or Property Damage Claims

The first type of liability coverage that you need to have included under your business's insurance policy is general liability coverage. This type of insurance coverage protects your business from injuries that occur at your business as well as protects against claims of property damage that may or may not have occurred on site.

Without general liability coverage, your business would be responsible for all injuries and damages that allegedly took place on your commercial property. Your insurance agent can help you decide how much coverage your particular business should have.

2. Professional Liability Coverage Helps Protect Your Business from Claims That You Did Not Fulfill

Along with general liability coverage, the second type of insurance that your business should have included in its plan is professional liability coverage. This type of coverage helps protect you against claims from customers and clients who state that you did not fulfill certain promises or work that they had already paid for.

If a lawsuit claim is found to be true by a court, without this type of coverage, your business would be held responsible for paying the amount. They could also try to get you to pay out of your personal finances if you do not have the insurance or business assets to cover it. 

When it comes time to purchase insurance for your business, you want to make sure that you and the company are protected from all forms of liability. For personal injury and property damage claims, you want to make sure your plan includes general liability coverage. For alleged claims against the business that has to do with unfulfilled work, promises, and duties that were paid for, you need to have professional liability coverage.

Speak with an agent with a company that provides business liability insurance for more information about available coverages as well as assistance with choosing ones that are right for your business's needs.