Insurance also isn’t the sexiest of topics. That can make it more difficult for someone to find the time to do the right research.
To help you make sure you and your business stay safe, we’re helping you understand exactly what general liability insurance is.
What It Covers
General liability insurance helps cover any medical expenses or lawyer fees that result from bodily injuries and/or property damage when your company is legally responsible.
Most policies cover you and your company for claims of injury or damage that are a direct result of your products, services, or operations. Sometimes you’re also covered if you’re held liable for damages to your landlord’s property.
Examples of What General Liability Insurance Covers
If a client slipped and fell at your office and broke their leg, they could sue you. Your insurance would cover this.
Your insurance would also cover you if your landlord chooses to sue you because of property damage.
This insurance also covers things like copyright infringement. If your competitor sues you because your product looks exactly like theirs, your insurance would cover it.
And your insurance also covers you if you or your company is sued for ruining the reputation of a competitor.
An example would be if an employee made a critical comment on social media about another company. If they sued because their sales declined as a direct result your insurance would cover it.
What It Doesn’t Cover
However, general liability insurance doesn’t cover everything. Make sure you know exactly what your policy does cover. Also, make sure you know exactly what types of insurance your company should have.
This general liability insurance won’t cover you for any professional mistakes that are made. In that case, you’d need professional liability insurance.
If you own your own property, you’ll need additional insurance. While general insurance typically covers property damage when you rent, it won’t cover it if it’s your own property.
You’d need commercial property insurance if you are an owner rather than a renter.
And while infringement is covered, a lot of other things aren’t. You’d need additional insurance to cover a data breach. You’d also need extra insurance to protect you from any crimes or employee dishonesty that happens at your place of business.
Workers compensation is what will cover any employee workplace accidents. The general insurance only covers you if a client, customer, or vendor injures themselves on your property.
Get the Right Insurance for Your Business
Never assume you’re covered. Always read your insurance policies and keep them handy in case something happens.
Even if you have a home-based business, insurance is a good thing to have. Especially if you’re a sole proprietor. If something happens, someone can go after you personally, not just your business.
Stay safe. Get the right insurance.
We can help. We help business get covered with all types of insurance.
Get your free general liability quote here.