Let’s say that you own a business. One day, a patron at your business slips and falls on something on the floor of your establishment. The patron sues you for the incident and wins.
This is a hypothetical scenario, but it illustrates the importance of general liability insurance. Without this, you might find yourself short on resources. In the event of a lawsuit, you might even lose your business.
Keep reading to learn about the importance of a general liability insurance policy.
What is General Liability Insurance?
General liability insurance is critical for businesses of all sizes. It protects your business from third-party claims of property damage and advertising injury.
This coverage protects businesses from a variety of potential liability exposures. These exposures can result from actual or alleged errors, omissions, or negligence.
Some policies also provide for coverage of punitive damages. These may be awarded in certain states.
Many policies also provide medical payment coverage. This can help pay the costs of treating injuries sustained by customers or employees.
Keep in mind that coverage can differ from case to case. So whats the difference? Go here and learn more.
Why is General Liability Insurance Important?
A general liability policy protects businesses from the high costs of claims and lawsuits. This coverage is important for businesses of all sizes.
It is also essential for small businesses because they may not have the resources to cover the costs of injury claims and lawsuits.
How Much Does General Liability Insurance Cost?
General liability coverage costs will depend on several factors. These include the industry in which your business operates and your company’s size. In most cases, your location and your claims history are also important.
The best way to get an accurate estimate is to work with an insurance agent or broker. They can shop around for the best rates on your behalf.
As a general rule of thumb, small businesses can expect to pay between $500 and $5,000 per year for coverage. This cost can change depending on the factors mentioned above.
How Do I Get General Liability Insurance?
You will need to contact an insurance company or broker to get coverage for this type of insurance. You will then need to request a quote.
Business owners should then provide information about their business. This includes the type of business, the location, and the number of employees
You will also need to provide information about your business’s income and expenses. With this info, the insurance company can determine the premium for your policy.
Get Coverage for Your Business Now
Small business owners face a variety of risks daily. From product liability to employee injuries, there is a lot that can go wrong. This is why it is so important to have general liability insurance.
General liability insurance protects your business from third-party lawsuits, giving you peace of mind knowing that you are covered if something goes wrong. Don’t let your business be unprotected.
Do you need more coverage ideas to make sure that you’re fully covered in all situations? Check out the business section of our website for other helpful articles like this one.
