Commercial general liability insurance can help protect you and your business against many common lawsuits. General liability insurance is the most popular option for most 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 is suffering from bodily injury caused directly or indirectly by your business, this insurance can help cover medical expenses along with other damages brought about by a lawsuit.
? Property damage: If you or your employees damage someone’s property (e.g., cars, homes, land, along with other property of relative value), you will be held responsible for the price. General liability insurance provides the type and the amount 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 is brought about by slander, libel, or copyright infringement, but advertising injury involves another business instead of an individual.
Why do you need general liability coverage?
General liability insurance protects your business. Even if you think your business is too small or you’re certain you won’t cause the damages or injury in the above list, you should be covered. general liability insurance In such a litigious environment, you need to be protected against frivolous lawsuits.
Some people see a chance to take advantage of unsuspecting small business owners who is probably not 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 what if one of your employees damages expensive computer equipment by accidentally spilling cleaning fluid on it? You would be liable for the damages.
Remember that it is possible to never be completely in charge of every situation. Accidents happen. There are 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 possibly be completely destroyed by one claim against your organization.
How much commercial liability coverage does your business need?
The amount of coverage will depend on your specific needs. You may 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 cost of claims today has increased and people would like larger amounts for damages, making the proper amount of coverage critical to protect your business interests. Consult with a trusted insurance broker who has your very best interests in mind and will provide recommendations for obtaining the perfect coverage for the business.