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. Much like other liability insurance, commercial general liability coverage protects your business from many common claims that many small businesses can face.
What does general liability insurance protect against?
Commercial liability coverage protects your organization against four basic claim categories:
? Bodily injury: In case a customer or other party suffers from bodily injury caused directly or indirectly by your organization, this insurance can help cover medical expenses and other damages brought about by a lawsuit.
? Property damage: If you or your employees damage a person’s property (e.g., cars, homes, land, and other property of relative value), you will be held responsible for the price. General liability insurance supplies the type and the amount of coverage you need.
? Personal injury: Personal injury encompasses slander, libel, lost wages, mental anguish, along with other claims that do not are categorized as 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 want general liability coverage?
General liability insurance protects your business. Even if you think your organization is too small or you’re certain you won’t cause any of the damages or injury in the above list, you should still be covered. In such a litigious environment, you need to be protected against frivolous lawsuits.
Some people see an opportunity to take advantage of unsuspecting small enterprises who may not be covered against a claim. For instance, imagine that you run a commercial cleaning business and you also do most of your work after business hours when the office buildings are empty. You might consider yourself at low-risk and do not see the necessity of having commercial general liability insurance as you rarely, if ever, connect to 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.
Remember that you can never be completely in charge of every situation. Accidents happen. You can find always unforeseen problems that you could end up case, including bogus claims. Your commercial general liability insurance can help cover those claims. If you don’t have many assets (or even if you do), your company could possibly be completely destroyed by one claim against your business.
general liability insurance 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 cost of potential claims brought against you. It is very important keep in mind that the expense of claims today has increased and folks are seeking larger amounts for damages, making the proper amount of coverage critical to protect your business interests. Consult a trusted insurance professional who has your very best interests in mind and can provide recommendations for acquiring the perfect coverage for the business.