Commercial general liability insurance might help protect you and your business against many common lawsuits. General liability insurance is the most popular option for many 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 organization against four basic claim categories:
? Bodily injury: If a customer or other party is suffering from bodily injury caused directly or indirectly by your organization, this insurance can help cover medical expenses along with other damages brought about by case.
? Property damage: If you or your employees cause damage to a person’s property (e.g., cars, homes, land, along with other property of relative value), you could be held responsible for the price. General liability insurance provides the type and the quantity of coverage you need.
? Personal injury: Accidental injury encompasses slander, libel, lost wages, mental anguish, along with other claims that do not fall under bodily injury.
? Advertising injury: This is similar to 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. general liability insurance Even if you think your organization is too small or you’re certain you will not cause the damages or injury in the above list, 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 business owners who might not be covered against a claim. For instance, imagine that 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 having commercial general liability insurance because you rarely, if ever, interact with your customers. But what if one of your employees damages expensive computer equipment by accidentally spilling cleaning fluid onto it? You would be responsible for the damages.
Remember that it is possible to never be completely in control of every situation. Accidents happen. You can find always unforeseen problems that could result in a lawsuit, 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 organization could possibly be completely destroyed by one claim against your business.
Just 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. It is very important 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 professional who has your very best interests in mind and will provide recommendations for acquiring the perfect coverage for your business.