You Can Thank Us Later – 3 Reasons To Stop Thinking About GENERAL LIABILITY INSURANCE
Commercial general liability insurance might help protect you and your business against many common lawsuits. general liability insurance General liability insurance may be the most popular option for most businesses because of its broad spectrum of coverage. Much like other liability insurance, commercial general liability coverage protects your organization from many common claims that many small businesses can face.
What does general liability insurance drive back?
Commercial liability coverage protects your business against four basic claim categories:
? Bodily injury: If a customer or other party is suffering from bodily injury caused directly or indirectly by your business, this insurance will help cover medical expenses and other damages brought about by a lawsuit.
? Property damage: If you or your employees cause damage to someone’s property (e.g., cars, homes, land, and other property of relative value), you will be held responsible for the cost. General liability insurance provides the type and the quantity of coverage you need.
? Personal injury: Accidental injury encompasses slander, libel, lost wages, mental anguish, and other claims that do not are categorized as bodily injury.
? Advertising injury: This is much like personal injury in that it really is as a result of slander, libel, or copyright infringement, but advertising injury involves another business rather than an individual.
Why do you want general liability coverage?
General liability insurance protects your business. Even if you think your organization is too small or you are certain you won’t cause the damages or injury listed above, you should still be covered. In such a litigious environment, you should be protected against frivolous lawsuits.
Some people see an opportunity to take advantage of unsuspecting small business owners who will not be covered against a claim. For instance, suppose you run a commercial cleaning business and you do most of your work after business hours once the office buildings are empty. You may consider yourself at low-risk and do not see the necessity of having commercial general liability insurance as you rarely, if ever, connect to your customers. But imagine if among your employees damages expensive computer equipment by accidentally spilling cleaning fluid on it? You would be liable for the damages.
Remember that you can never be completely in control of every situation. Accidents happen. You can find always unforeseen problems that you could end up case, including bogus claims. Your commercial general liability insurance can help cover those claims. If you don’t have many assets (or even if you do), your company could be completely destroyed by one claim against your organization.
Just how much commercial liability coverage does your organization need?
The amount of coverage depends on your specific needs. You might only need a little bit of commercial liability insurance to cover the expense of potential claims brought against you. You should keep in mind that the price of claims today has increased and folks are seeking larger amounts for damages, making the proper amount of coverage critical to safeguard your business interests. Consult a trusted insurance broker who has your best interests in mind and will provide recommendations for acquiring the perfect coverage for the business.