For small business owners, an essential coverage is liability insurance. This insurance coverage helps protect you from when bodily injury and property damage is caused by business activity claims. The importance of liability insurance is necessary as every business face claims that can come up during normal operations. Without coverage, your business can have a huge financial risk since you have to pay out of pocket to cover claims. No matter what your small business is, the importance of having general liability insurance is what we at Signet Insurance Group would like to stress today.
What is General Liability Insurance & Why Do You Need It?
One type of liability insurance that many small business owners is general liability insurance. General liability insurance is also known as commercial general liability insurance or comprehensive general liability insurance. It can help protect you from claims that your business, as mentioned. A few examples include:
– Damaged is another person’s or business property.
– If reputational harm was caused through slander or libel.
– Should someone gets hurt.
General liability insurance, keep in mind, is just one type of liability coverage. Because of this, it doesn’t cover every kind of liability claim. It won’t help your employees recover from a work-related injury or illness, for example. For this type of claim, you would need to have another type of coverage called workers’ compensation insurance. You will likely need to get other types of liability insurance in order to give your small business comprehensive protection.
Features & Benefits of Liability Insurance
Having your business protected from certain claims is one of the benefits of liability insurance. A few additional advantages and features include the list below.
1) Your employees are protected, if they get a work-related injury or illness, as it helps them recover.
2) Customer medical bills and medical expenses can be paid if in the event they get hurt in your business.
3) Your business’ legal costs get help with payment to defend your company in a lawsuit.
4) Insurance proves you have insurance coverage to clients and customers in order to offer peace of mind you can finish a job if the unexpected happens.
Why is it Important for a Business to have Liability Insurance?
1) Business Maturity is Provided. As a business owner, you want to show your customers that you’re responsible and trustworthy. To keep you covered, carry a general liability insurance policy. It shows you understand the risks your company faces during your daily business operations. You are usually given a certificate of insurance to help you prove to customers that you have liability coverage.
2) Livelihood is Safe Guarded. Liability claims are some of the most common business situations, and they can be expensive. Your business can be at a greater risk of liability claims if you or your employees are involved with the list below.
– Client’s property is where you work
– Your business is represented
– Clients can be met face to face
3) Strengthens Signing a Lease. You’re trying to rent an office space or building to operate your business some landlords may ask you to see a certificate of liability insurance. This provides evidence that your business is protected from certain liability claims.
4) Extend Coverage is Simpler. With contracts at times, adding people to your liability policy may be required. Those who already have coverage can make adjustments easier.
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