Commercial Liability Insurance: Introduction to GL Insurance, Its Coverages and What to Look For
Small business owners tend to be optimistic and therefore often underestimate the amount of insurance they need. Accidents happen. There is always the possibility that someone will be injured due to the negligence of you or one of your employees. Even if you take steps to keep your physical property safe, you never know when something unexpected might happen. This is why you always need some type of commercial liability insurance policy to get your business financially ready.
GL (general liability) insurance is coverage that will protect you and your organization from a variety of claims, such as physical injury, property damage, medical payments, completed product operations, and just about any other reason someone might try to file a lawsuit against you. company.
This type of insurance only covers damages and injuries of third parties. It doesn’t really cover anything that might happen to you or one of your employees. GL insurance covers the basic risks that affect almost all companies, regardless of the industry. Even if your business is primarily online, your home insurance provider will probably want to know if you are doing business from home and might want you to get additional coverage because of that.
Many companies opt for additional coverage to that offered by commercial liability insurance. Different industries have specific needs. Heavy outdoor work, such as construction, will require workers’ compensation and protection for employees who could easily be injured. Indoor advertising and marketing agencies will require protection against charges for copyright infringement. Web designers and programmers could be accused of stealing code. Independent journalists could be charged with defamation.
Commercial liability insurance for property damage
Property damage can come in many forms, and not just on the physical premise that your business is on. What about the facility where your electronic data is stored? What happens if one of your computers contracts a virus? It is worth analyzing the protection of electronic data.
What you need to do is check with commercial insurance providers to see if they offer custom packages for the type of industry you are involved in. There is no one-size-fits-all solution, so the best thing to do is apply for insurance that meets as many specific needs in your industry and business as possible.
The cost of general liability coverage varies by state, industry, business size, and the amount of coverage you need. Insurance companies distribute free estimates and calculators on their websites. Simply enter your profession and state to receive an overview of the types of coverage available to you.
Hiscox Business Insurance is a good place that is often recommended as a starting point for companies looking commercial liability insurance. Get a free quote and review all industry specific insurance packages.