General liability insurance is one of the most important business insurance policies that you need to have. You might remain extremely careful, but you never know when accidents strike and land you in financial trouble. You might be facing a major liability claim for that employee who burned himself or the client who slipped on spilled water. So, it is important for you to get general liability insurance coverage to protect you from such liabilities.
What does general liability insurance cover?
Business liability insurance is there to protect the financial assets and interests of the business from any third-party liability claims. It covers the financial loss incurred on others by your business. Based on the scope of the insurance policy, general liability insurance generally covers the given events and circumstances:
Bodily injury: The common scenarios, in this case, include any slip and fall that might happen on your property leading to injuries or harm to a potential client or customer.
Property damage: Think of the situation where your landlord ends up suing you for the fire that started in your office and destroyed a part of the building.
Copyright infringement: Someone can file lawsuits against you on claims that you have copied their original materials and designs. A general liability insurance policy protects the business from legal claims like these.
Reputation damage: This factor applies to the statements that might damage the reputation of a business entity or an individual. An example of this is the comments posted online.
The liabilities you should protect your business from
A business has its own set of risks. You might be worried about customers slipping and falling. You might think of employees who may burn themselves on the hot equipment. Different kinds of businesses need different kinds of liability insurance. In fact, legal requirements also vary from one state to another.
For making the process easy for you, start writing down all the things, you are worried about happening in the business. If the work involves soldering ovens and irons, you will have concerns about burning down the building or the employees getting hurt. If there are customers on the premises all day, you might worry about being sued because of some or other kind of accident. Create a worry list to determine the liabilities and ease out the pressure of selecting the right commercial general liability insurance provider.
It is not enough to simply have an insurance policy. You need to get it from the right company. The right insurance provider will have an idea about the business insurance policy. You can be assured of getting the right insurance coverage from them.