Find out what coverage your company needs to protect and grow.
If you’ve heard it once, you’ve heard it a thousand times before: starting a business requires general liability insurance! Many business owners have yet to know what this means, what protection it affords, and how much coverage their company needs. Fortunately, we’re here to answer all of these common questions!
What is General Liability Insurance?
This insurance is otherwise known as Commercial General Business Liability, and it protects a company’s assets and pays for obligations incurred if someone gets hurt on your property. Additionally, it will cover costs when there are property damage or injuries caused by you or your employees. Liability insurance also covers the expense of legal defenses, should this be necessary.
Who Needs This Coverage?
We live in a litigious society and even if you think you’re unlikely to face a claim, getting insurance is a wise investment that doesn’t cost much. It is certainly less than the thousands, if not millions, of dollars you may need to spend fighting your case in court.
This coverage can be purchased on its own, but it can also be included as part of a Business Owner’s Policy (BOP), which bundles liability and property insurance into one policy.
How Do I Determine My Coverage Needs?
As with all insurance, coverage depends on your risk. With general liability insurance, coverage is circumstantial to the type of business you’re in, as well as the perceived risk associated with it. For example, a building contractor will need more coverage than a web designer. Your business location is also another factor that comes into play!
Whether you’re a small business or one that has been booming for years now, coverage allows your company to keep growing! Get started on your tailored insurance policy by contacting the professionals, Insurance and Mortgage Services, in Batavia, Illinois!