Global Courant
Small business owners tend to be optimistic and therefore often underestimate the amount of insurance they need. Accidents happen. There is always the possibility that someone could be injured due to the negligence of you or one of your employees. Even if you take steps to keep your physical assets safe, you never know when something unexpected might happen. That is why you always need some kind of corporate liability insurance so that your company is financially prepared.
GL (general liability) insurance is coverage that protects you and your organization against a variety of claims, such as bodily injury, property damage, medical payments, finished products, and just about any other reason someone might try to sue. your company.
This insurance only covers damage and injury to third parties. It doesn’t really cover everything that could happen to you or one of your employees. GL insurance covers the basic risks that affect almost all businesses, regardless of industry. Even if your business is primarily conducted online, your home insurer will probably want to know if you do business from your home and may want you to get some extra coverage because of it.
Many entrepreneurs opt for additional cover than the business liability insurance offers. Different industries have specific needs. Heavy outdoor work, such as construction, requires protection and compensation for workers who are easily injured. Indoor advertising and marketing agencies will need protection against copyright infringement allegations. Web designers and programmers can be accused of stealing code. Freelance journalists could be accused of defamation.
Business liability insurance for property damage
Property damage can take many forms, not just the physical location where your business is located. What about the facility where your electronic data is stored? What if one of your computers gets a virus? Electronic data protection is worth investigating.
What you need to do is check with commercial insurance companies to see if they offer tailor-made packages for the type of industry you operate in. There is no one-size-fits-all, so it’s best to apply for insurance that meets as many industry and company-specific needs as possible.
The cost of general liability coverage itself varies based on the state, industry, size of business, and the amount of coverage you need. The insurance companies provide calculators and free estimates on their websites. Simply enter your occupation and state to get an overview of the types of coverage available to you.
Hiscox Business Insurance is a good place that is often recommended as a starting point for companies looking business liability insurance. Get a free estimate and view all industry specific insurance packages.
Business liability insurance: an introduction
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