A list of recommendations of the insurances you need for commercial coverage cannot be complete without General Liability Insurance. Covering the costs of claims like bodily injury as well as those of advertising and property damages filed against you, it is one of the best plans you can buy for your micro-business.
Without this critical coverage, the owner is forced to incur the cost of these claims with their business and sometimes, personal assets. Taking precaution is an excellent way to keep your small business safe from the overwhelming costs of a liability lawsuit. But what in essence can this type of plan do for your business?
Here’s a list of claims a General Liability Insurance policy can cover for you as well your company.
- Third Party Property Damage
A third party can file a lawsuit if you or anyone on your payroll destroys their property. For example, your company becomes accountable if your employee while operating a machine accidentally smashes up a neighboring business’ asset. General Liability Insurance can help your small company cover the costs such property damage charges.
- Third Party Bodily Injuries
A delivery guy who accidentally trips, falls off and loses his teeth on carelessly fitted carpet in your shop has the right to file third party injury charges against you. Without General Liability Insurance you’ll be forced to cover these costs using your company and personal assets. But it gives you great peace of mind to have an insurance company assist you in case of these third-party bodily injuries.
- Advertising Injury
A counterpart company owner may sue your entity if it makes an advert that in one way or another resembles theirs or infringes their business. Insurance policies like Commercial General Liability Insurance at Next Insurance takes care of the charges other enterprises make against your company because of illegal advertising practices.
- Reputation Harm
Just as with advertising injury, a competitor in the same industry has the right to file a claim if your small company injures their reputation. Take the case of an interview where you are asked to comment on the competition, and your business rivals feel that your remarks slandered their company. Commercial General Liability Insurance can help cover the liabilities that arise from allegations of slander and libel against your firm.
- Costs Covered by the Policy
Though not a legal requirement, Commercial General Liability Insurance is a must-have as it assists businesses that lack the financial means to survive hefty liability charges pressed against them. Here are the costs General Liability insurance will settle for you:
- Witness fees
- Evidence costs
- Judgments or settlements
- Pay legal teams to stand for your small business
General Liability Insurance, however, does not take care of workplace injuries suffered by employees. Likewise, it does not also cater for the cost of damage to your own firm’s property. In general, it only helps a micro-business the cover costs of damage it causes to others. Business should check across the insurance industry to compare the different policies.