Commercial general liability insurance might help protect you as well as your business against many common lawsuits. Insurance for crafters may be the most popular option for many businesses because of its broad spectrum of coverage. Much like other liability insurance, commercial general liability coverage protects your organization from many common claims that lots of small businesses can face.
What does general liability insurance protect against?
Commercial liability coverage protects your business against four basic claim categories:
? Bodily injury: If a customer or other party is suffering from bodily injury caused directly or indirectly by your business, this insurance can help cover medical expenses along with other damages brought about by case.
? Property damage: In the event that you or your employees damage a person’s property (e.g., cars, homes, land, along with other property of relative value), you will be held responsible for the cost. General liability insurance supplies the type and the quantity of coverage you need.
? Personal injury: Personal injury encompasses slander, libel, lost wages, mental anguish, and other claims that do not fall under bodily injury.
? Advertising injury: This is much like personal injury in that it is brought about by slander, libel, or copyright infringement, but advertising injury involves another business instead of an individual.
Why do you want general liability coverage?
General liability insurance protects your business. Even if you think your business is too small or you are certain you won’t cause the damages or injury in the above list, you should be covered. In such a litigious environment, you should be protected against frivolous lawsuits.
Some people see a chance to take advantage of unsuspecting small enterprises who may not be covered against a claim. For instance, imagine that you run a commercial cleaning business and you do most of your projects after business hours once the office buildings are empty. You may consider yourself at low-risk and don’t see the necessity of experiencing commercial general liability insurance because you rarely, if ever, connect to your customers. But what if one of your employees damages expensive computer equipment by accidentally spilling cleaning fluid onto it? You would be liable for the damages.
Remember that you can never be completely in control of every situation. Accidents happen. You can find always unforeseen problems that could result in case, including bogus claims. Your commercial general liability insurance might help cover those claims. If you don’t have many assets (or even if you do), your organization could be completely destroyed by one claim against your organization.
How much commercial liability coverage does your organization need?
The amount of coverage depends on your specific needs. You might only need a small amount of commercial liability insurance to cover the cost of potential claims brought against you. It is very important keep in mind that the price of claims today has increased and people are seeking larger amounts for damages, making the right amount of coverage critical to safeguard your business interests. Consult with a trusted insurance professional who has your best interests in mind and will provide recommendations for acquiring the perfect coverage for the business.