Maurice is looking into insurance for his hardware store. What type of insurance can offer protection and keep his business safe from claims of wrongdoing? (1 point) Responses Exchange of Value Exchange of Value Professional Professional General liability General liability Small business
General liability
The type of insurance that can offer protection and keep Maurice's hardware store safe from claims of wrongdoing is general liability insurance. This type of insurance policy provides coverage for claims such as bodily injury, property damage, and personal injury that may occur on Maurice's premises or as a result of his business operations. General liability insurance can also help cover legal fees and settlements if Maurice's hardware store is sued for negligence or other covered claims.
To determine the type of insurance that can offer protection and keep Maurice's hardware store safe from claims of wrongdoing, we need to consider the different insurance options available. However, it's important to note that I can provide explanations for each type of insurance, but I cannot assign points to them.
1. General Liability Insurance: This type of insurance provides protection against claims for bodily injury, property damage, and personal injury (such as slander or libel). It covers the legal costs and potential settlements or judgments in these cases. General liability insurance is a foundational coverage that most businesses should have.
2. Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this coverage protects professionals (such as consultants, contractors, or advisors) against claims of negligence, errors, or failure to deliver expected services. For a hardware store, professional liability insurance might be relevant if they provide installation or consulting services.
3. Small Business Insurance: Small business insurance typically includes a combination of coverages tailored to the needs of the particular business. It may include general liability, property insurance (covering physical assets), business interruption insurance (covering the loss of income due to unexpected events), and other optional coverages like cyber liability or commercial auto insurance. This type of insurance package offers comprehensive protection for a variety of risks faced by a small business, including claims of wrongdoing.
Through careful consideration of the nature of Maurice's hardware store and its unique risks, he should consult with an insurance agent or broker who specializes in small business insurance. They can assess his specific needs and recommend the appropriate types and amounts of coverage to adequately protect his business from potential claims of wrongdoing.