Commercial general liability insurance can shield you and your company from the financial fallout of several typical types of litigation. General liability insurance is the most common type, and for a good reason. Commercial general liability insurance is very similar to other forms of liability insurance in that it protects your organization against numerous frequent claims that many small firms can encounter.
Which Risks Can General Liability Insurance Protect You Against?
Your business will be protected from four primary claims with commercial liability insurance:
Bodily Injury:
This coverage will assist with medical expenses and legal fees in the event a customer or other individual is injured as a result of your company’s actions or inactions.
Property Damage:
If you or your employees cause damage to another person’s property, you may have to pay for the repairs. Among these are automobiles, houses, and land. The amount and scope of protection you require are provided by your general liability insurance policy.
Personal Injury:
The term “personal injury” refers to any harm suffered by a person other than physical harm, including slander, libel, financial loss, emotional distress, and so on.
Advertising Injury:
like personal injury, which is when another company suffers because of your actions in the form of slander, libel, or copyright infringement.
What Are the Benefits of Having General Liability Insurance?
Having business general liability insurance is like having armor for your company. You should get insurance even if you don’t think you need it because your business is too small or because you’re positive you won’t cause any of the aforementioned problems. In a region where lawsuits are common, safeguards against frivolous suits are a must.
There are many who will take advantage of local business owners who are unaware of the situation and may not have adequate insurance to pay for any damages that result. If you own a commercial cleaning company, for instance, you likely accomplish most of your work when the offices are empty in the evenings and on weekends. If you don’t interact with your customers very often, you might not think you need commercial general liability insurance. But what if a worker accidentally damages some pricey computer hardware by dropping a bucket of cleaning solution on it? You’d have to foot the bill for repairs.
Keep in mind that you can’t control everything all the time. Mishaps are inevitable. Sometimes unforeseen issues, including false claims, arise that necessitate legal action. These lawsuits might be covered by your business’s general liability insurance. One allegation against your company could be fatal if you don’t have many assets or even if you have one.
How Much Commercial Liability Insurance Does Your Firm Require?
The extent of your protection is adjustable to fit your requirements. Your business liability insurance premiums may not have to be very high to cover the cost of any lawsuits filed against you. It’s vital to keep in mind that people are suing for higher sums of money, which has led to a rise in the cost of claims. It’s crucial to provide enough protection for your company’s assets. Get in touch with a trustworthy insurance broker who will watch out for your company’s best interests and give you advice on the best coverage to meet your needs.
