Business liability insurance protects the financial interests of companies and business owners in the event they face lawsuits or third-party claims. Such policies cover any direct financial liabilities incurred, as well as any legal defense expenses.
Subcontractors and independent contractors can be required to have Owners and Contractors Protective Liability Coverage (OCP). This coverage protects either a property/business owner or a general contractor from possible liability arising from the negligent acts of an independent contractor or subcontractor hired to perform work on behalf of the business owner or general contractor.
Property insurance protects a business’s buildings, property and inventory against physical loss or damage due to theft, fire, water, accident and more. “Floater” coverage insures property not located at the business, such as equipment or supplies stored at a job site.