Commercial general liability insurance can help protect you as well as your business against many common lawsuits. General liability insurance may be the most popular option for many businesses because of its broad spectrum of coverage. Similar to other liability insurance, commercial general liability coverage protects your organization from many common claims that many small businesses can face.
What does general liability insurance drive back?
Commercial liability coverage protects your business against four basic claim categories:
? Bodily injury: In case a customer or other party is suffering from bodily injury caused directly or indirectly by your organization, this insurance can help cover medical expenses along with other damages brought about by case.
? Public and Products Liability insurance : If you or your employees cause damage to someone’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 supplies the type and the quantity of coverage you need.
? Personal injury: Personal injury encompasses slander, libel, lost wages, mental anguish, and other claims that do not are categorized as bodily injury.
? Advertising injury: This is similar to personal injury in that it is as a result of slander, libel, or copyright infringement, but advertising injury involves another business rather than an individual.
Why do you need 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 still be covered. In such a litigious environment, you need to be protected against frivolous lawsuits.
Some people see a chance to take advantage of unsuspecting small business owners who may not be covered against a claim. For example, suppose you run a commercial cleaning business and you do most of your projects after business hours once the office buildings are empty. You might consider yourself at low-risk and do not 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 on it? You would be liable for the damages.
Remember that it is possible to never be completely in charge of every situation. Accidents happen. There are always unforeseen problems that could result in a lawsuit, including bogus claims. Your commercial general liability insurance might help cover those claims. Unless you have many assets (or even if you do), your organization could be completely destroyed by one claim against your business.
Just how much commercial liability coverage does your organization need?
The amount of coverage depends on your specific needs. You may only need a little bit of commercial liability insurance to cover the price of potential claims brought against you. It is important to keep in mind that the expense of claims today has increased and people would like larger amounts for damages, making the right amount of coverage critical to safeguard your business interests. Consult with a trusted insurance broker who has your very best interests in mind and can provide recommendations for obtaining the perfect coverage for your business.
