Let’s say you’re a small business owner and you have come up with a seamless day-to-day operational process and you assume that nothing can go wrong if you stick to that process. But no matter how strictly your employees follow your workflow, you cannot entirely the possibility of personal injury and property damage from occurring in your workplace. For this reason, your small business in Raleigh, NC needs general liability insurance that will cover these injuries and damages – and safeguard your livelihood at the same time.
North Carolina’s economic well-being relies heavily on small businesses which make up 98 percent of all state employers. Many uninsured small businesses have had to pay high financial costs for claims filed against them. As such, it is more important than ever to protect your assets from legal claims and costly settlements that may result from unavoidable work-related accidents and injuries that occur every day.
Why Should You Have General Liability Insurance?
No matter how stringent your safety measures are, you cannot always avoid bodily injuries or property damages in the workplace or on the job. If you haven neither an insurance policy nor the financial capability to cover damages, your employees or the persons inured will likely file suit against you and demand for compensation. General liability insurance coverage, then, prevents this from occurring and protects you from financial ruin.
General liability insurance is available as a stand-alone business liability insurance that shields your livelihood from legal claims and large financial settlements. It is also available as part of a Business Owners Policy which is basically a deluxe insurance package that is crucial to any small business plan.
What Is Covered by Your General Liability Insurance?
Simply speaking, general liability insurance is a type of coverage that protects your business from financial losses and lawsuits over work-related injuries and damages to individuals outside of your organization. If we break down the coverage, these are the inclusions:
- Bodily Injury, including physical injuries to an individual — who is not your employee — caused by you or one of your employees in the workplace or on a client’s property
- Property Damage, including damages on another person’s property caused by you or one of your employees while conducting business
- Personal Injury, including libel, slander, false arrest, wrongful eviction, copyright infringement, invasion of privacy, and similar claims that damage an individual’s rights and reputation
- Legal Defense and Judgments, including the financial cost of defending against lawsuits — not including negligence and willful misconduct — that are within the limit of your insurance coverage
- Advertising Injury, including losses due to your business advertising
General liability is not actually required by North Carolina law but it can save you from high legal expenses related to a claim filed against your business. It can also save you from paying for medical bills and legal fees. For example, general liability coverage provides backup if a client visits your office, slips on the floor, and twists their ankle. So, although not required, this type of insurance should be a business priority.
Please be reminded that general liability insurance only covers third-party damages, meaning damages for the individual who filed a claim against your business. Because you are considered the first-party, the insurance does not cover your own business property against damage. That is a separate insurance type, entirely.
Contact Us for a No-Obligation Quotation
Amistad Insurance Services is keen to discuss the best insurance choices with every client. We don’t just present the lowest prices. We consult with you regarding your general liability insurance needs so that you can be sure of having the type of coverage you need and being well-protected.
Get in touch with us, today, and request a no-obligation quote.