Any person that runs a business should know how vulnerable he or she is to the many common claims that are usually faced by any type of company. It is thereby necessary for every company owner to prepare him or herself with the primary line of defense by purchasing a Commercial Liability Insurance policy to protect his or her assets.

With the day-to-day uncertainties of running a business, independent of its size, it is always reassuring to know that when something goes poorly, you have the backing of a commercial liability insurance to cover for any liability claims that could be reported by your customers.

The following are some types of commercial liability insurance to protect you and your venture from monetary ruin:

General Liability Insurance

It does not matter what type of business you run, you need to purchase a Commercial General Liability Insurance to protect your company from advertising claims, injury claims or even claims on property damages. Most companies survive on this sort of insurance alone but if you purchase is as part of a company owner's policy then you get a normally low coverage. You can always purchase this type of policy as a separate policy for more coverage. As a general rule, a business requires additional liability insurance coverage if it is faced with a greater risk based on the kind of the business.

Professional Liability Insurance

If you are maintaining a service-based company, then the commercial liability insurance that suits your business would be the Professional Liability Insurance. Such coverage will help you pay for the costs and the damages that may be incurred when a customer files a negligence claim in case of error or omission, financial pitfalls or alleged failure to perform on the part of the policyholder.  If you are in the law or medical professions, then you need to purchase Professional Liability Insurance.

Product Liability Insurance

If you are part of the industry of selling products, then you can benefit from the protection offered by the Product Liability Insurance. This type of insurance covers you in case your customer suffers loss or injury due to a problem in the product. If you already have a General Commercial Liability Insurance then check out the inclusions as it normally offers Products-Completed Operations Insurance, which is likewise the same as Product Liability Insurance. As a seller, you can face various or all of the sorts of claims including production or manufacturing defects, flaws in design or defective warnings or instructions. Ask any business enterprise that had the misfortune of being fined with product liability claims and they will inform you just how such claims can put you out of business.

Maintaining your own company or practicing your profession can be lucrative but it does have its disadvantages and, additionally it is your vulnerability to Commercial Liability Insurance claims. While this should not halt you from opening up a company, it should, however, offer a warning and encourage you to purchase the necessary Commercial Liability Insurance to keep you shielded from negative claims that can put you in fiscal ruins.