Many business owners tend to underestimate the power of your defense against liabilities. The truth is, one of the biggest secrets of your business’s continuity and success lies in this, whether it’s real or perceived.
Companies are often sued for liability when a person, whether an employee or customer, sustains an injury, like falling inside your physical store. Other issues could also affect your home, like your apprentice plumber may end up knocking out a pipe, flooding your home. Whatever it may be, you must be able to continue business operations while you deal with these issues.
For this reason, you must get small business insurance to help protect you and your business from such occasions, allowing you to remedy the damage and tend to the fire of the situation.
Two Types of Risks for General Liability
There are two main types of risks that you may deal with, depending on the type of business you’re in. The first type is liable for providing deficient or incomplete work or products, while the second is liable for bodily injury or property damage from inferior work or products.
To protect the assets of your business, you need to have adequate Commercial General Liability or CGL Insurance coverage. This protects your company from damages caused by the risks mentioned above in which your business is found to be legally liable.
So if you’re getting small business insurance, ensure that these risks are covered; that’s why you must speak to a reliable insurance company to help you with this.
How Does General Liability Insurance Help You?
Usually, CGL policies cover claims of bodily and other physical injuries, libel or slander, advertising injury, property damage, and more. With CGL, you get to continue normal business operations while you deal with these claims. Besides that, CGL also helps you financially to cover the cost to defend and settle claims. Below are other ways CGL covers your business:
- CGL provides coverage for legal expenses and defense costs for liability claims, regardless of who is at fault;
- CGL can also cover medical expenses if someone was injured on your property or through your product;
- CGL offers coverage for bodily injury and property damage by other people in your property or is affected by your business’s operations.
- CGL offers products liability coverage for bodily injury and property damage due to your products.
How Much Liability Coverage Does My Business Need?
Of course, when it comes to choosing a liability insurance package, it’s best to get small business insurance that will fit all your needs. Typically, the amount of coverage your business needs depend on three factors:
- Type of Product You’re Manufacturing: If you manufacture a dangerous product, you may need to carry higher limits of liability coverage;
- Perceived Risk: Evaluate the amount of risk associated with how your business operates and functions, such as heavy equipment usage and work environment;
- Premises and Operations Liability: If you work in an area at risk of serious damages, it’s best to purchase a CGL with higher liability limits.
The Bottom Line: It’s Best to Invest in Proper Small Business Insurance
Whatever your business may be, whether you run high-risk operations or not, it’s still important to protect your company by obtaining general liability insurance. Small business insurance shouldn’t be taken lightly since it can help protect your business from legal and financial issues down the line.
How Can We Help You?
Are you looking for small business insurance for your company? If so, Quesurance is here to help.
Our insurance agency protects the people we work with, just like how we’d protect our own family. We offer different types of business insurance, such as general liability insurance, commercial auto insurance, commercial property insurance, commercial umbrella insurance, and more.
Learn more about how we can protect you today!
