When you first opened your small business, you were most likely told several times that general liability insurance was important. You may have heard the words “general liability” numerous times, but what does it mean? What can a general liability insurance policy do for your business? Knowing how this vital form of insurance can protect your assets and future in the industry can make the difference in operating a successful enterprise.
General business liability insurance is your first line of defense against many common claims. It protects your company’s assets and can help pay for obligations stemming from various risks third parties may experience during operations or while on your property. If someone is injured on your property, for example, it can help pay for their medical treatment. It can also help protect you should any property damage occur to another person while on your premises or due to one of your employees. Liability insurance also helps cover the cost of your legal fees and defense costs in the event your business faces a lawsuit. It will even assist in paying the costs of any settlement should you be successfully sued.
If you rent your business’ facilities rather than own them, general liability insurance can also protect you against any liability as a tenant if you cause damage to the property. General liability insurance can also help cover:
- claims of false or misleading advertising
- libel (written defamation)
- slander (spoken defamation),
- and copyright infringement.
In today’s litigious society, no business can afford to do without the protections of general liability insurance. Even if you are sued and win, the legal fees for just one court case can be several times more than the amount you pay for general liability insurance. The amount of liability insurance and the coverage options you need depend on the type of business you operate. A building contractor’s insurance needs greatly differ from a web developer’s needs.
To find out exactly how much and what kind of general liability insurance your business needs, its important to speak with a qualified agents. Our agents are always available to answer any questions you may have, suggest coverage limits and options best suited for your business, and even assist you in filing a claim. They can also locate you a number of policy quotes with a variety of options from a number of providers, enabling you to compare and choose general liability insurance with the best coverage at the most competitive rates. Contact us to find out how to protect your business.