3 Reasons Every Small Business Needs General Liability Insurance
Starting a small business means having to juggle a number of different responsibilities, but arguably none is more important than making sure your business is protected against possible legal claims made against your business. These claims can come in many forms, which is why so many small businesses choose to have general liability insurance. If you are getting ready to open a small business of your own, keep reading below for just three of the biggest reasons why you should take out a general liability policy soon.
Medical Expenses of Injured Customers
If a customer injures themselves on your business' property, then they may see you as directly accountable. For example, if they slip and fall on a slippery surface such as a tile floor or icy sidewalk, they may choose to file a claim in order to be compensated for their resulting medical expenses. Without a general liability insurance plan to cover these expenses, you may find yourself paying thousands of dollars out of your own pocket, so it makes sense to play it safe and protect yourself from this kind of financial disaster. It should also be noted that general liability does not cover medical expenses of employees that result from injuries sustained at the workplace; for these situations, workers compensation insurance is more appropriate.
Property Damage Caused in an Accident
If you have employees who regularly work with or around the property of clients, then you'll need to protect yourself against the possibility of direct damage to this property. Dropped tools that chip marble flooring, spilled liquid that damages a custom suit, or careless movements that knock over a valuable antique — all are examples of how easily your small business can face expensive claims against it. Fortunately, the cost of correcting those damages — whatever they might be — can be covered by a good general liability policy.
Legal Defense for Other Claims
Bodily injury and property damage aren't the only kinds of claims your small business may face. Anyone who believes that your business has breached their privacy infringed on their copyright, or defamed their character in some way (by committing libel or slander) may file a suit against your company. In cases such as these, legal expenses may mount quickly and soon become overwhelming. Preventing this from ever happening with a general liability policy is often the smartest decision you can make as a small business owner.
Speak to an agent to learn more about general liability insurance coverage.