Commercial general liability insurance might help protect you as well as your business against many common lawsuits. General liability insurance is the most popular option for many businesses due to its broad spectrum of coverage. Much like other liability insurance, commercial general liability coverage protects your business 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 suffers from bodily injury caused directly or indirectly by your organization, this insurance can help cover medical expenses along with other damages brought about by a lawsuit.
? Property damage: In the event that you or your employees damage someone’s property (e.g., cars, homes, land, along with other property of relative value), you may be held responsible for the cost. General liability insurance supplies the type and the quantity of coverage you need.
? Personal injury: Personal injury encompasses slander, libel, lost wages, mental anguish, along with other claims that do not are categorized as bodily injury.
? Advertising injury: This is much like personal injury in that it really is brought about by 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 any of the damages or injury listed above, you should be covered. In that litigious environment, you should be protected against frivolous lawsuits.
Some people see an opportunity to take advantage of unsuspecting small business owners who may not be covered against a claim. For instance, imagine that you run a commercial cleaning business and you do most of your projects after business hours when 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, interact with your customers. But imagine if one of your employees damages expensive computer equipment by accidentally spilling cleaning fluid onto it? You would be liable for the damages.
Remember that you can never be completely in charge of every situation. Accidents happen. You can find always unforeseen problems that could result in case, including bogus claims. general liability insurance Your commercial general liability insurance might help cover those claims. Unless you have many assets (or even if you do), your organization could possibly be completely destroyed by one claim against your organization.
Just how much commercial liability coverage does your business need?
The amount of coverage will depend on your specific needs. You might only need a small amount of commercial liability insurance to cover the price of potential claims brought against you. You should keep in mind that the expense of claims today has increased and folks are seeking larger amounts for damages, making the right amount of coverage critical to safeguard your business interests. Consult with a trusted insurance broker who has your very best interests in mind and can provide recommendations for acquiring the perfect coverage for your business.