Commercial general liability insurance might help protect you and your business against many common lawsuits. General liability insurance is the most popular option for most businesses because of its broad spectrum of coverage. Similar to other liability insurance, commercial general liability coverage protects your business from many common claims that lots of 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: In the event that you or your employees cause damage to someone’s property (e.g., cars, homes, land, and other property of relative value), you can be held responsible for the cost. General liability insurance provides the type and the amount of coverage you need.
? Personal injury: Accidental injury encompasses slander, libel, lost wages, mental anguish, and other claims that do not fall under bodily injury.
? general liability insurance Advertising injury: This is much like personal injury in that it really is as a result of 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 organization. Even if you think your business is too small or you are certain you will not 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 a chance to take advantage of unsuspecting small enterprises who may not be covered against a claim. For example, suppose you run a commercial cleaning business and you also do most of your projects after business hours once the office buildings are empty. You might consider yourself at low-risk and don’t see the necessity of experiencing commercial general liability insurance because you rarely, if ever, interact with your customers. But what if among your employees damages expensive computer equipment by accidentally spilling cleaning fluid onto it? You would be responsible for the damages.
Remember that you can never be completely in charge of every situation. Accidents happen. There are always unforeseen problems that could result in a lawsuit, including bogus claims. Your commercial general liability insurance can help cover those claims. If you don’t have many assets (as well as 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 depends on your specific needs. You may only need a little bit of commercial liability insurance to cover the price of potential claims brought against you. It is very important keep in mind that the price of claims today has increased and folks would like larger amounts for damages, making the proper 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.