Commercial general liability insurance can protect you and your business from many common legal claims. Commercial general liability insurance is the most popular option for many businesses because it provides comprehensive coverage. Like other types of liability insurance, commercial liability insurance protects your business from many of the common legal claims that many small businesses may face.
What does business liability insurance protect against?
Business liability insurance protects your business against claims in four main categories
If a customer or other person is directly or indirectly injured by your business, personal injury protection insurance can cover medical expenses, losses due to legal proceedings, and more.
If you or your employees damage someone else’s property (such as a car, house, land, or other property of the relative value), you may be held liable for its value. General liability insurance provides the type and extent of coverage you need.
Personal injury includes claims for defamation, libel, slander, ostracism, lost wages, mental cruelty, and other claims that are not personal injury.
Damage to the public image
This is similar to personal injury in that it results from defamation, libel, or copyright infringement, but the advertising damages are against other businesses, not individuals.
Why do I need liability insurance?
General liability insurance protects your business. Even if you think your business is too small, or even if you are sure you won’t cause the damages or injuries mentioned above, you should still carry insurance. In this legal environment, you need to protect yourself from being. Sued lightly.
Some people see this as an opportunity to exploit unprotected small contractors, who may not be. Insured against damage. For example, imagine that you are a building cleaner and that you do most of your work during the hours when the office building is empty. Since you have little contact with customers, you may feel that you pose little risk. And see no need for commercial general liability insurance. But what if an employee accidentally spilled cleaning fluid and damaged expensive computer equipment? You’d be liable for the damage caused.
Remember, not all situations can be fully controlled. Accidents are inevitable. Always unexpected problems can lead to litigation, such as bogus claims. Commercial general liability insurance can help cover such claims. If you don’t have many (if any) assets, a single claim against your business can wipe it out completely.
How much commercial liability insurance does your business need?
The amount of insurance depends on your needs. You may need a small amount of commercial liability insurance to cover the cost of potential claims against your business. Remember, in this day and age of rising claims costs and large sums being. Claimed. It is important to have adequate insurance coverage to protect your business interests. Talk to a reputable insurance broker who can advise you on how to obtain the best insurance coverage for your business.
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