Do You Need General Liability Insurance?
Is general liability insurance right for your business?
Protect your business at all costs with general liability insurance.
General liability insurance is also known as business liability insurance. This is a general policy that protects your business from general claims including damage to property and injuries. It’s a coverage that protects your business from unexpected expenses. So, do you need it? Quite frankly, yes!
Businesses are protected by statutory limited liability, but that’s not enough and that’s not absolute, especially for smaller businesses. Smaller businesses have a more difficult time when they are sued. In order to protect your business and personal assets, you’ll want general liability insurance.
Types of claims covered by general liability insurance
Third-party claims are covered by general liability insurance. The following are the types of claims covered:
- Property damage – An example of this is when you are trying to repair your store and you accidentally damaged the property of the store next door. General liability insurance covers the repair cost.
- Bodily injury – this type of claim can get very expensive due to medical bills and other related healthcare costs. Sample cases would be a customer falling down the stairs and breaking a leg. Bodily injury claims like this are covered by general liability insurance.
- Personal and advertising injury – this type is related to how you advertise your business. If a competition claims that you are using similar advertising design materials that you are using and they want to make an advertising claim, you can use general liability insurance to cover the cost.
General liability insurance is your business’ first line of defense against third party claims. However, it does not include employee benefits liability, workers’ compensation, or employment practices liability. Those coverages are separate and must be added or purchased.
Do I really need it?
If you want to make sure you’re ready when an unforeseen problem arises, then getting this coverage for your business is a great idea. It is best for new businesses that are using third-party locations, businesses using clients’ equipment, businesses that visit clients’ homes or offices. There may also be times when your clients will require for your business to have this type of coverage before they’ll do business with you.
London Insurance Agency offers various types of business insurance that can protect you and your business at all cost. We could also make tailored plans that are specific to your needs.
