5 Things You Need to Know About General Liability Insurance
For business owners, there are many things you need to know about general liability insurance coverage. General liability insurance protects the company’s assets in the case of damages or injuries that may occur while someone is on the company’s property or when someone is injured or suffers damages due to an employee or other company representative’s negligence or error.
Among the things you need to know about general liability insurance, there are five basics that you need to understand in order to truly protect your business.
- General liability insurance can protect a business from monetary damages and legal proceedings, paying for legal defense and potential settlements.
- General liability insurance is an investment in protecting your business and its assets. The cost of the insurance premiums is worthwhile in light of the “litigious society” that we live in, according to the Small Business Administration (SBA).
- There two major factors that help in determining your insurance needs: the type of business and the perceived risk associated with operating that business.
- General liability insurance utilizes up to the maximum amount of your policy in case of an insurance claim. It behooves you to review your current policy’s coverage and assess whether it is high enough for your type of business.
- Know how to file a claim, i.e. what number to call or what forms to fill out.
Contact us to work with an experienced and professional insurance agent for help with reviewing your current policy and determining if you need to increase your coverage as well as exploring any other insurance options.