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The Surprising Benefits of General Liability Insurancesiadmin February 26, 2019
A general liability policy is a smart way to protect your business. Most businesses have this type of insurance because it signifies legitimacy and makes it easier to do business with others. Because general liability is so important, some business owners assume that everything is covered under this policy. However, assuming this can get you into trouble because general liability only covers so much.
What’s Typically Covered in a General Liability Policy?
Business general liability coverage protects you, your business and your employees from bodily injury and property damage claims, up to the limits of your policy. General liability policies should also protect you from out-of-court settlements, litigation and judgements awarded by the court.
General liability doesn’t provide coverage for everything, though. It generally won’t cover employee injuries, professional mistakes and auto-related coverage. To fill in these gaps, you can take out additional coverage in the forms of workers’ compensation, professional liability and auto insurance.
What are the Benefits of General Liability?
To much surprise, general liability is for more than insurance purposes. It can impact your business’ reputation and growth. The working world is competitive, and people want to know that the businesses they work with are reliable, responsible and legitimate.
Below are the main benefits to having business general liability coverage for your small business.
- Be responsible. Having general liability shows that you are willing to take responsibility if an accident occurs. People will take your business more seriously as a result.
- Increase contracts. Even though general liability isn’t usually required by law, the clients you work with may require it. The last thing they want is to be held responsible for mistakes caused by your company.
- Reinforce trust. People like doing business with companies they trust. If a client knows that your business is responsible, ethical and well-established, they’ll be more likely to become a customer and recommend you to others.
- Protect your finances. If something happens and you have to cover medical and legal fees, you’ll probably have to tap into your personal savings. General liability offers financial protection so that you can keep personal and business funds separate.
- Offer peace of mind. Being a business owner can be stressful, so don’t operate knowing that you lack the proper insurance. Carry general liability to protect your investment and enjoy peace of mind.
Even though general liability may not be required for all businesses, it’s hard to run a company without it. What happens if someone slips and falls? The only way to truly protect your business and your assets is with the proper business insurance. For your free quote on general liability coverage, contact the Soden Agency today.