March 15, 2021
Agency
The Need for CGL Coverage in Your Small Business
As a business owner, you naturally want to build strong, trusting relationships with your clients. This will mean providing them with an exceptional experience every time they work with you. Still, being a good business partner means recognizing the fact that you are not immune to mistakes. Sometimes, simple negligence will lead to you causing harm to someone else, and at this point, they might hold you and your business responsible.
At this point, a critical benefit known as commercial general liability insurance can come to your aid. It’s there to assist third parties affected by your mistakes. However, it’s a strong protective force for your own business, as well. Here’s more on how this coverage works.
What Does General Liability Insurance Do for You?
Mistakes happen in every business, but if a mistake harms your customers, you have to be prepared to respond. Still, this will often lead to significant financial ramifications, which can put a disproportionately high strain on smaller businesses. General liability insurance is the coverage that will help you respond.
Qualifying third-party losses covered by general liability insurance might range from slip-and-fall accidents in a bathroom to injuries caused by one of your products. There are numerous ways that it can be of assistance to you:
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It pays for third-party medical bills, lost time at work, pain and suffering claims, and much more so you do not have to do so out of pocket.
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You have legal assistance available should this case go to court as a result of a liability lawsuit.
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It can help to restore your reputation if your business suffers false accusations in such claims.
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If a court deems you responsible for a liability claim, your policy covers the settlement.
If you are still unsure if your company is really facing any liability risks, think again. Countless people file liability claims against a business every year, and their claims might allege:
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Injuries while they are on the premises
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Product failures
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Property damage to their belongings
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Illness sustained as a result of the business’s negligence
No matter what you do or what industry you are a part of your business insurance agent will be there to guide you through the process of getting appropriate general liability insurance. They will look within your company, weigh your industry-specific liabilities and determine the exact value of coverage you need. They can also assist you in choosing the policy that is most affordable for you and aid you in choosing supplemental liability coverage that expands your benefits appropriately.
General liability insurance is one of the most necessary forms of business insurance. It is also one of the easiest policies to purchase. Improving your business’s risk profile is critical, and these products can help.