General Liability Insurance
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For individuals who own a business, it’s important to make sure every asset is covered. That’s when having general liability insurance is necessary. To find the right coverage, talking to an insurance agent can be incredibly beneficial.
What Is General Liability Insurance?
General liability insurance helps your businesses cover attorney fees, medical expenses or repair bills that might arise after someone is injured or suffered property damage while at the company’s site. If your business is legally responsible for covering these costs, having commercial liability insurance can ensure that you, the owner or business, don’t pay for these fees out of your own pocket.
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Why Do I Need General Liability Insurance?
Most people start their business with the goal of running it ethically and legally — as they should. However, having small business insurance isn’t about the company lacking ethics or morals, it’s about accidents or unplanned issues occurring.
The thing about accidents is that they happen without warning. If a customer or visitor is injured on your business’s premises or their property gets damaged while they are on site, even if there was no negligence on the part of the business owner, it’s possible for that individual to sue your business.
If your company is running a marketing campaign and says something about a competitor that is viewed as slanderous, your firm may be sued for libel.
Either of these situations can be disastrous to your company bottom line. If your company has commercial liability insurance in place, the plan will cover reasonable fees that are associated with your defense. The right coverage will also take care of any judgments and settlements that might arise from the case.
How Much Does General Liability Insurance Cost?
The cost of small business liability insurance will vary depending on where the business is located, the industry the business is in and the type of coverage the company needs.
On average, insurance for small businesses can cost between $30 and $100 per month. When it comes to a business insurance quote, looking for an “insurance agent near me” is the best way to get information on how much the insurance policy will cost per month.
A small business liability insurance policy that has appropriate limits will ensure that you the owner don’t pay more in premiums than necessary. Again, talking to insurance companies and finding out what type of coverage is available is the best way to only spend as much as necessary each month.
How Do I Get General Liability for my Business?
The first step to obtaining general liability is to get a business insurance quote. This can be done online or by working with local insurance companies. In some cases, a business may be able to combine liability insurance with a Business Owner Policy. Talking to an agent is the best way to determine which option will provide the most coverage at the most affordable price.
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What Does General Liability Insurance Cover?
- Third-party bodily injury
- Third-party property damage
- Reputation harm
- Advertising injury
It can be impossible for a business owner to prevent all of these accidents and issues from happening. Without insurance, your company is responsible for paying the costs associated with lawsuits, medical expenses and repair bills that might arise. This can become incredibly expensive. Having liability insurance is a preventative measure to ensure your company has the necessary funds.
How Do I Find the Right Coverage?
As a business owner, you want to protect your business. Having the right general liability coverage is a must. With so many different options to choose from, talking to a professional and getting an insurance quote is in your best interest.
It may feel like this is just another expense, but having liability insurance coverage in place could wind up saving your business from ruin. Most of the time, it doesn’t cost anything to speak to an insurance agent, and it could save your business from major financial issues in the future.
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Your Business provides for you and your family so make sure you have General Liability to protect your business.