Businesses are sued every day for injuries that allegedly occurred on their property. If you are a business owner, you can be exposed to this kind of liability. A liability lawsuit can cost you thousands of dollars to defend and settle. To protect yourself and your business, you need to get general liability insurance.
A general liability policy is the most common type of business insurance. It provides you with a financial safety net if your business is sued over injuries that occur in your business. Also, other companies may require you to have general liability insurance before you can do business with these companies.
A general liability policy provides coverage for your business in several areas:
• Bodily or personal injuries that occur on business property
• Property damage caused by business operations or products
• Damages caused by libel, slander, or a Copywrite violation
Any reasonable legal expenses, such as the attorney’s fees, court fees, and financial business losses while you are defending your case are covered. Settlements, judgments, and the plaintiff’s medical expenses are also covered by a general liability policy.
A general liability policy does not provide comprehensive coverage. It does not cover any of your personal property that you use for your business, injuries to clients at your place of business due to your negligence, injuries to your employees, or any professional services provided to your client. You will have to supplement your general liability policy with another liability insurance policy to cover these other areas.
Small businesses across many industries need general liability insurance because there is a high risk of bodily injury or property damage. If you own a business in the construction industry or have a business that frequently uses heavy equipment, then you are a good candidate for this type of insurance. Every business is unique, so talk to your insurance broker to figure out the right amount of coverage for your needs.
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