Things About Insurance

Life Insurance - Things About InsuranceAll businesses in today’s litigious society are at risk of a general liability claim, but some businesses face greater risks than others. A few examples include insurance companies that operate heavy machinery, serve food or beverages, make products that are consumed, make toys or exercise equipment, rent  insurance property or vehicles, or have drivers or delivery people on the road. But even if you’re a bookkeeper, you could be sued if a client is injured while on your premises.


Things About Insurance




If you’re a contractor and drop a ladder on a client’s car, you could be sued. And if you make any kind of insurance claims in your advertising that you can’t prove, you can be sued. Even if you aren’t at fault, defending yourself against  a suit could mean financial ruin for you and your business. Without adequate General Liability coverage, you could be forced to sell off your personal assets to repay your clients. You would also have to pay for your own defense and any costs associated with a judgment against you. General Liability insurance  coverage allows you to continue doing business while claims against you are being settled.

Your basic General Liability insurance covers financial losses and the costs and damages resulting from claims up to the limit of your policy for bodily injury, property damage, personal injury (slander and libel) and advertising injury suffered by a customer that is caused by you, an employee or a subcontractor. General Liability insurance also covers the cost to defend or settle claims, even when they are fraudulent, although it typically does not compensate for punitive damages that are assessed for negligence or willful misconduct. It is possible to purchase a Commercial Umbrella Liability policy to guard against claims of that nature.  General Liability does not cover replace Employment Practices Insurance, Errors and Omissions Insurance or Directors and Officers Insurance (if your business requires that coverage).


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Policies for General Liability coverage affordably priced, however your quotes will depend on the size and type of your business, where your operation is located, your previous claims history and loss experience among other factors. Coverage is typically capped at a specific dollar amount for your policy period. That’s why it’s important to fully assess your risk exposure and purchase a policy that will best protect you.

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