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GENERAL LIABILITY INSURANCE: WHAT IS IT & WHY EVERY BUSINESS SHOULD HAVE IT


WHAT IS GENERAL LIABILITY INSURANCE

This is a question that often crops up for ‘just-getting-off-the-ground’ businesses. To put it simply, General Liability Insurance is a financial safety net that protects your businesses against third-party claims. What are these third-party claims? The Third-party claims in question involve property damage, personal/advertising injury, or slander that is allegedly caused by a business owner or an employee. Essentially general liability insurance cover almost anything your business can be sued for. These claims can also apply to any loss-causing event which takes place on the business premises or damages caused by a product/service that is provided by the business.

As you know, customer-business relations can literally be tricky business. Risks and doubts can arise rather easily. Legally, these risks can often be costly with customers or competitors looking for compensation for the alleged damages they’ve suffered. We’ve all heard the stories about customers slipping on puddles or competitors perceiving a slight — and they’re never cheap! Having a General Liability Insurance policy in place means that your business is financially safeguarded from having to fork out money to cover any potential losses accrued during the legal processes brought on by these claims. Sounds good, right?

WHY YOUR BUSINESS SHOULD HAVE GENERAL LIABILITY INSURANCE

Protection Against Claims

General liability insurance is undoubtedly the most essential insurance for companies regardless of size or financial state. With the average cost of customer injury claims coming to $35,000, a single claim could bankrupt a smaller business and leave a larger business out of pocket, especially if frequent claims are made.

Considering that 4 out of 10 small businesses will experience a liability claim in the next 10 years – it’s a real possibility. So, getting a General Liability Insurance policy for your business is the best way to keep your business safe and steady on its feet.

Focus on Growing Your Business

Having the right General Liability Insurance policy allows you to focus on the growth of your business rather than being preoccupied with pending lawsuits or payouts. Knowing that your defense fees, judgments, and settlements are covered as well as any medical costs or losses accrued by the plaintiff gives you the peace-of-mind that’s necessary for your business to prosper.

HOW TO GET GENERAL LIABILITY INSURANCE

Finding the right General Liability Insurance for your business is as simple as considering what will need covering in your business i.e. what you do, what you sell, number of employees, duration of policy, etc. Once you’ve got all your ducks in a row it’s time to find an insurance company that offers a policy to suit your business. If you are looking for a short-term policy, check out Thimble to the right. Otherwise, we are ready to help you find a flexible policy that fits your business. Click here to fill out our commercial insurance quote form.

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