General liability insurance provides your business the basic protection it needs against claims made by others for bodily injury or property damage resulting from your business operations. Because while owning your business can be extremely rewarding, it’s not without risks and liabilities.
For example, you could be held legally liable if someone is injured or their property is damaged while at your place of business or as a result of your business’s services.
In this article we’ll review some of the reasons it’s important to have a general liability insurance policy in place to help protect your business and safeguard your assts.
It Covers The Basics
Whether you own a small business or a large enterprise, you need the right insurance coverage in place.
General liability insurance provides the necessary minimum coverage for bodily injury, property damage, and personal injury claims made against your business as a result of your business’s operations.
In short, it provides the basic foundational insurance coverage to help ensure your business is protected.
It Helps Manage Risk
General liability insurance helps your business manage risk by transferring the risk of financial loss from your business to an insurance carrier.
For example, your business could face significant costs from injury or property damage to others as a result of your business’s operations.
General Liability insurance is designed to help provide protection to your business from these types of occurrences.
It Can Help Protect Your Reputation
General liability insurance not only helps protect your business from financial loss, it can help protect it against reputational loss as well.
For example, if your business is faced with a liability claim, it could harm your business’s reputation if the claim is not handled properly.
General liability insurance can help cover the costs associated with the claim and ensure that the claim is handled promptly.
Conclusion
Whether your are a small start-up business or a large tenured organization, investing in adequate insurance coverage for your business should be a priority.
General liability insurance is the foundational insurance coverage that every business should have, as it helps protect businesses large and small against a wide range of risks, including bodily injury or property damage to others, and reputational damage to you and your business.
It may also be mandatory in some industries, particularly for contractors or consultants, who may find they are unable to bid on potentially lucrative jobs or contracts without having insurance coverage in place.
And while it’s important that your business have adequate insurance coverage, be sure to work with an insurance professional who will take the time to understand your business and will work closely with you to structure insurance coverage specific to your business’s needs.