Commercial general liability insurance might help protect you as well as your business against many common lawsuits. General liability insurance is the most popular option for many businesses due to its broad spectrum of coverage. Similar to 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 drive back?
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 will help cover medical expenses along with other damages brought about by case.
? Property damage: If you or your employees cause damage to a person’s property (e.g., cars, homes, land, along with other property of relative value), you could be held responsible for the cost. General liability insurance provides the type and the amount of coverage you need.
? Personal injury: Accidental injury encompasses slander, libel, lost wages, mental anguish, and other claims that do not fall under bodily injury.
? Advertising injury: This is much like 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 are certain you will not cause the damages or injury listed above, you should be covered. In such a litigious environment, you should be protected against frivolous lawsuits.
Some people see an opportunity to take advantage of unsuspecting small enterprises who might not be covered against a claim. For example, imagine that you run a commercial cleaning business and you also do most of your work after business hours once the office buildings are empty. You may consider yourself at low-risk and don’t see the necessity of having commercial general liability insurance because you rarely, if ever, interact with your customers. But imagine if one of your employees damages expensive computer equipment by accidentally spilling cleaning fluid onto it? You would be responsible for the damages.
Remember that you can never be completely in control 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 might help cover those claims. Unless you have many assets (or even if you do), your company could possibly be completely destroyed by one claim against your business.
Just how much commercial liability coverage does your organization need?
The amount of coverage will depend on your specific needs. You might only need a small amount of commercial liability insurance to cover the cost of potential claims brought against you. general liability insurance It is important to keep in mind that the price of claims today has increased and people are seeking larger amounts for damages, making the right amount of coverage critical to safeguard your business interests. Consult with a trusted insurance professional who has your best interests in mind and will provide recommendations for acquiring the perfect coverage for the business.