General Liability Insurance
General Liability Insurance is used to protect business anytime a piece of property is damaged or a third part is harmed. It covers a lot of incidents that may happen at your workplace. It won’t cover everything, but it is the first insurance that you should look into acquiring for your business.
Here is what General Liability Insurance usually covers:
- An employee gets hurts:This type of general insurance will provide some protection for employees who are harmed at the workplace and in any offsite buildings that you own. Most General Liability Insurance plans will also protect employees who are harmed while visiting clients.
- A client gets hurt: General Liability Insurance will protect you against legal claims when a client or other third party is harmed while visiting your workplace. This type of insurance can also cover injuries that a third party sustains from one of your products.
- Property is damaged: General Liability Insurance will help you pay for anything that happens to your company’s property. After filing a claim, you will either be given a sum of money equivalent to the value of your lost goods or replacements.
- Data is lost:This type of coverage is especially important if your company keeps sensitive client information, such as Social Security numbers. General Liability Insurance will protect you against any liability costs that occur after a data breach.
- Personal Injury:This type of insurance will also protect you if you choose to go to court after being slandered. Your insurance company should be able to help you pay for court costs and an attorney.
Not every insurance company provides the same insurance plans. Here are some things that you need to ask your insurance company before choosing a General Liability Insurance plan:
- How much coverage do I have? Small businesses do not need as much insurance as large businesses. However, do not make the mistake of not having enough insurance. You should ask a professional to do a walkthrough of your office buildings and help determine how much coverage you actually need.
- What type of incidents are covered?Depending on your location, what type of business you have, and how much you are willing to spend, not everything may be covered under your General Liability Insurance. Make sure to ask your insurance company to explain exactly what incidents are covered under your plan.
- How much will it cost? You don’t want to be surprised if your insurance bill suddenly costs more than you thought it did.Write down all of the costs involved with your insurance, including any deductibles and premiums, and keep this information somewhere that it won’t be lost.