If you own a small business or are thinking about starting one, you want to make sure you have the right insurance to protect your assets and your employees. Commercial insurance has many options to cover virtually any situation, but one type of insurance you don’t want to be without is general liability insurance.
What is general liability insurance?
General liability insurance, also frequently known as commercial liability insurance, is broad coverage that can protect you and your business from a host of liabilities that businesses are typically exposed to.
If you were issued a judgment in a lawsuit involving liability, would you be able to pay for any damages? For many business owners, not having the proper liability coverage means closing their doors if the results of a lawsuit against them are unfavorable.
General liability insurance covers things like:
- Bodily injury liability
- Personal injury
- Medical payments
- Advertising injury
- Property damage liability
- Rental property damage
Why do you need general liability insurance?
As you just read above, not having sufficient liability coverage can force you out of business if you cannot pay a judgment against you in a liability lawsuit. Imagine that a visitor gets injured while on the premises of your business or an employee makes a mistake that seriously damages your rented office.
Lawsuits against businesses for issues like these happen every day in the United States. Don’t let one put you out of business! Your personal assets, like your home and savings, might even be at risk.
General liability insurance doesn’t just cover you in case of a legal problem – as a business owner, it can give you peace of mind. It lets customers and colleagues know you are responsible and take your business seriously.
What are some specialized types of general liability insurance?
Within commercial liability insurance, there are specialized subsets of insurance that might apply to your particular business:
- Errors and omissions insurance: recommended for attorneys, accountants, engineers, architects, insurance agents, and tech companies.
- Employment practices liability insurance: this covers employment-related liability beyond injuries sustained on the job, including discrimination, wrongful termination, sexual harassment, and violations of employees rights.
- Directors and officers insurance: protects the business’s leaders from liability related to omissions, negligent acts, and misleading statements.
You might also want to consider a business umbrella policy that takes over should you exhaust your general liability insurance in a major claim.
Assembling the right commercial liability insurance is much easier with the help of a knowledgeable agent, and an independent agent can give small businesses like yours the attention you deserve.
Call J. K. Meadors & Co at 405-377-0000 to talk about your business insurance needs. We’re here to help you succeed. Protect yourself, and don’t go another day with general liability insurance!