Commercial general liability insurance can help protect you as well as your business against many common lawsuits. General liability insurance may be 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 lots of small businesses can face.
What does general liability insurance protect against?
Commercial liability coverage protects your business against four basic claim categories:
? Bodily injury: In case a customer or other party suffers 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 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.
? Advertising injury: This is much like personal injury in that it is as a result of 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 business is too small or you are certain you won’t cause the damages or injury listed above, you should still be covered. In that litigious environment, you should 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 also 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 experiencing commercial general liability insurance as you rarely, if ever, interact with your customers. But imagine if among your employees damages expensive computer equipment by accidentally spilling cleaning fluid onto it? You would be liable for the damages.
general liability insurance Remember that it is possible to never be completely in control of every situation. Accidents happen. There are always unforeseen problems that could result in case, including bogus claims. Your commercial general liability insurance can help cover those claims. Unless you have many assets (as well as 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 depends 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. It is important to keep in mind that the price of claims today has increased and folks would like larger amounts for damages, making the right amount of coverage critical to protect your business interests. Consult a trusted insurance professional who has your very best interests in mind and will provide recommendations for acquiring the perfect coverage for your business.