Keep Your Company Covered With the Proper General Liability Coverage
General liability coverage is critical for anyone going into business, but do you need all that you need to know? Here is some important information for you to consider.
What is general liability insurance?
General liability coverage will protect and cover:
- your company’s assets; you policy also pays the obligations if anyone gets hurt on your property, is injured by you or an employee, and property damages, as well as your legal defense costs and settlement or award if you are successfully sued, including compensatory damages, punitive damages, and nonmonetary losses the injured person suffered;
- protects against your liability as a tenant if you cause property damage to a place that you rent; and,
- can cover claims of false or misleading advertising.
Why does your business need general liability coverage?
Simply put, you can be sued and given the low cost of insurance compared to the exorbitant costs of defending a law suit in addition to the settlement costs, an uninsured business puts it at risk.
Do you already have it?
Most businesses have a Business Owner’s Policy (BOP) that includes general liability insurance. However, review your policy because you might need more coverage under a separate policy.
What do you need?
You determine your general liability coverage needs based on the kind of business you are and the risks asocial with it. Therefore a building contractor needs more coverage than a marketing firm.
A second consideration is the location of your business. Some states award more damages t injured parties who claim personal injury.
How it works
Your policy will determine how much the insurance company will pay out for a liability claim. But always do your research into your industry to know coverage norms.
And, if you need assistance with your coverage, please contact us.
Posted on March 24, 2015, in Agency, Uncategorized and tagged business liability insurance, schumacher insurance, Small Business Ideas, small business protection. Bookmark the permalink. Leave a comment.