Liability insurance is essential coverage for small business owners. It helps protect you from claims that your business caused injury and property damage. The importance of liability insurance is that every business faces damages that may occur during normal operations. Without coverage, you would have to pay out of pocket to cover claims, which can put your business at financial risk.
One type of liability insurance that many small business owners have is general liability insurance. Also known as commercial general liability insurance or comprehensive general liability insurance, it can protect you against claims that your business:
- To hurt someone
- He damaged other people’s property
- Caused damage to reputation by slander or libel
Be aware that general liability insurance is only one type of liability coverage. For this reason, it does not cover all types of liability claims. For example, it will not help your employees recover from a work-related injury or illness. For this kind of claim, you would need to have another type of coverage called workers compensation insurance. You may need to purchase other types of liability insurance to provide comprehensive protection for your small business.
Features and benefits of liability insurance
Protecting your business against certain claims is just one of the benefits of liability insurance. Other features and benefits include:
- We help pay for your firm’s legal costs to defend your company in a lawsuit
- Prove to clients and customers that you have insurance coverage and let them know you can get the job done if the unexpected happens
- You protect your employees and help them recover if they suffer a work-related injury or illness
- Paying for customers’ medical bills and medical expenses if they are injured in your business
- Examples of the importance of liability insurance for small businesses
Demonstrates Business Maturity
As a business owner, you want to show your customers that you are responsible and trustworthy. This is what general liability insurance is for. It shows that you understand the risks your company faces during day-to-day business operations. We can provide you with a certificate of insurance to help you prove to customers that you have liability coverage.
Liability claims can arise from some of the most common business situations – and they can be expensive. Your business may be at greater risk of liability claims if you or your employees:
- Represent your company
- Meet clients face to face
- Work on the client’s property
He Will Help You Sign the Lease
If you are looking to rent an office or building to run your business, some landlords may ask you for proof of liability insurance. This will show that you have insurance coverage that can help protect your business from certain liability claims.
Easy Coverage Extension
Sometimes contracts require you to add additional persons to your liability policy. We make it easy to add them so they are covered.
Key insights about liability insurance
Liability insurance is one of the basic coverages that most small business owners need. Without it, you’d have to pay liability claims out of pocket, which can get expensive. In reality, many small businesses do not have the financial resources to pay liability claims. These types of claims are more common than you think and can occur during normal business operations.
Get Your Liability Insurance Today
We are an experienced insurance company and we know the unique risks your business faces. Our specialists are here to help you get the liability insurance you need. Get a quote today.
