In business, you can’t predict every outcome. There will always be unexpected bumps in the road. For example, a customer could slip at your establishment and sustain an injury. It can be very daunting to deal with those third-party claims without general liability insurance. General liability coverage provides protection against third-party claims of bodily injury, property damage, or personal and advertising injury.
Bodily InjuryThis type of claim against your business can be costly, due to medical bills from visiting the doctor and hospital stays. For example, a customer sustains a serious fall down the stairs and break their leg. General liability insurance can help cover the cost of a covered bodily injury claim and may help alleviate the financial strain on your business.
Property DamageThis type of claim is against a third-party’s property and the damage it incurred. For example, you are using power tools at your business and your tools accidentally damage the property next door General liability insurance can help cover the cost of a covered property claim.
Personal and Advertising InjuryThis type of claim is directed towards the way you advertise your business. For example, a competing business claims that your advertising materials feature a similar design. General liability can help cover the cost of a covered advertising claim and you don’t need to foot the bill. The best business move you can make is to have your bases covered with general liability insurance from the beginning. According to the Small Business Administration, 36%–53% of small businesses are involved in at least one lawsuit and 90% of all businesses are engaged in a lawsuit at any given time. The chances of it happening are pretty high. Remember that legal fees add up quickly and can be very crippling to any business—big or small. A general liability insurance policy can help cover legal expenses if a third-party were to take you court.
You can find more information about general liability insurance below.
Who can benefit from this type of coverage?
- Product manufacturers
- Stores that sell products to consumers
- And more!