THURSDAY, MAY 27, 2021
Is it time to file a claim on your business insurance policy? Are you wondering how general liability insurance works as you prepare to purchase a new policy? In any case, you should know what’s covered and how to get financial help when you need it. Your agent is your best tool for understanding your specific policy options, but it’s important to learn some basic information, too.
What Is General Liability Insurance?
General liability insurance is a type of business insurance. It helps cover losses other people suffer as a result of the actions or inaction on the part of the company. When a third party (a customer, client or stranger) files a claim against you, this policy can help. General liability coverage helps with property damage, advertising injury or personal injury of these individuals. However, it does not cover employees nor any losses the business owner faces.
Why Do You Need This Protection?
The cost of a customer’s slipping and falling claim can cost a business tens of thousands of dollars. And that’s just one type of liability risk that a business faces. With general liability insurance, you get financial support to help when accidents and claims like these happen. Depending on your policy details, it may help you with:
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Paying for the medical bills of the individual who suffers the loss
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Covering lost time at work for that individual
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Minimizing losses companies have if you infringe on their copyright
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Covering claims for misleading advertising
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Providing coverage for property losses or damage others suffer
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Helping pay for settlements or judgments in a court of law
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Covering your legal defense in a claim that goes to court
Most often, if someone suffers an injury, your policy provides a payment that covers their losses. It might even help you prevent the case from going to court. Considering all this, it’s clear to see the value and peace of mind general liability insurance brings to organizations.
Customizing Your Policy
Your policy may cover a wide range of risks. Yet, it is important to know what those coverage types are. Your business insurance agent can help to customize your plan to meet your risk factors. For example, you may need more coverage than a basic general liability insurance policy offers.
Work with your business insurance agent to get a policy that covers most of your risks. Doing so can give you the confidence you need to operate your company.
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