Did you know that over five million new businesses were started in the United States within the last year alone?
Whether you’re a new entrepreneur or a seasoned business owner, reviewing your company’s general liability insurance and ensuring you’re getting everything you need from it is never a bad idea.
Never heard of this kind of business insurance before? Unsure of why you need it? Keep reading to learn what liability insurance is and why it’s a good idea for you to have a policy for your business.
What Is General Liability Insurance?
General liability insurance has this name because it’s broad. It covers various accidents and circumstances; several are related to damage or injury to your customers and their property.
Say, for example, that you have a brick-and-mortar location for your business. A customer might slip and fall or otherwise injure themselves while they’re in your store. If they decide to sue your company, your general liability insurance will cover these costs.
What if you work on or near your customers’ property? Sometimes things get broken while your employees are completing their work. General liability insurance will help you cover the cost of damages, keeping you and your customers happy.
General liability insurance protects your interests as well as those of your customers. If someone decides to sue your business for libel or slander, this business insurance will cover your legal costs while you work through the process. The same is true if your business is sued for copyright infringement.
Finally, if any damage occurs to a property that your business rents, general liability insurance may pay for the costs of the damages. Examples of these circumstances include fires, break-ins, or severe weather.
Why You Need It
You might look at the list of covered circumstances and think, “Why do I need these insurance benefits? I’ll ensure my employees, and I are careful, and these situations will never happen.”
The fact of the matter is sometimes mistakes happen, no matter how careful you are. Just a slip of the hand or one employee saying the wrong thing can lead your business into financial ruin if you don’t proactively protect your business.
Any robust and protective set of business insurance policies includes general liability insurance.
Set Up Your Policy Today
As you can see, the pros of getting general liability insurance for your business far outweigh the cons. By securing a general liability policy for your business today, avoid paying out of pocket for accidents like slips and falls, property damage, and reputational damage.
As a full-service insurance agency, RBP Insurance is a one-stop shop for all your insurance needs. From personal insurance needs to workers comp and other forms of business insurance, we have what you need to help you protect the assets and people in your life.
Are you interested in hearing more? Then, set up a call with us!