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?
