Every business, whether big or small is prone to incur losses. A smart business owner prevents these losses from hampering the growth of the business by getting insurance. Read more to know about General Liability Insurance and how important it is for your small business.
General Liability Insurance Coverage
General Liability Insurance, also known as business liability insurance protects businesses from a variety of claims that result from normal business operations. It can protect you financially against the most common accidents that occur when you are running a business. These claims include:
● Bodily injuries: It refers to injuries caused by your business’s products, services or operations. An example would be a visitor trips over one of your equipment and fractures their leg. General Liability Insurance would cover the damages payable to that visitor.
● Property damage: Any damage or loss incurred to your business due to your negligence can also be covered by insurance. Say, you have a construction business and incur losses due to damage to the property from your equipment, your losses can be covered under this insurance. Your business property also gets protected from loss due to natural hazards such as a flood or a storm.
● Litigation and Legal Fees: Legal fee for any legal action by a third party can be covered by insurance.
● Personal and advertising injury: This would include damages caused by using a copyrighted image for advertising and any other such injury caused to your business.
● Medical Costs: Injury caused to your employees in the course of business would be covered.
● Liable and Slander Injury: It also covers you if you have to defend yourself against a libel or slander charge.
So, in short, General Liability Insurance can protect you financially from all kinds of accidents occurring in the course of the business. It can protect you from:
● Damages arising due to injury to clients or third-party
● Damage a property- both yours and ones you don’t own
● Damages arising due to injuries to your employees in the course of business
● Damages that arise by accusations result in litigation.
Should You Get General Liability Insurance?
Running a business is no easy task. One has to invest a considerable amount of time as well as money. We have all seen that it can take one small claim against damages to destroy a business. Even the most diligent business owners can get up in hot water as a result of an accident or a product defect.
As a small business owner, you must have general liability insurance included in your insurance policy to safeguard your livelihood. A single mishap can lead to a lawsuit, which if you are unable to defend and pay the damages can cost your whole business. Making sure you have liability coverage that matches your level of risk is a fantastic approach to protect yourself against this. The best way to know the extent of coverage you need is by hiring an insurance brokerage.
At Beneficial Insurance Solutions, they understand that every business is different and provide flexible business insurance solutions. They have a team of licensed brokers who will simplify the process of getting insurance, by answering your queries and providing support to the clients. Their expertise includes Business Liability Insurance, Retail Business Insurance, Commercial Auto Insurance and Commercial Property Insurance among many others. Click here to check them out.