Similar to virtually any other business, your business is exposed to multiple perils that can seriously impact your bottom line. For instance, a customer might be hurt after a slip and fall accident on your premises. Or an employee in your plumbing business may accidentally leave the water running in a client's kitchen leading to costly water damage. You can also be sued for advertising injury if another business claims to have been defamed by your marketing work. In this case, general liability insurance can help protect your business. Here are answers to 8 essential general liability insurance questions:
General Liability Insurance/ Commercial General Liability Insurance (CGL)/business liability insurance is a type of business insurance that protects your enterprise against property damage and bodily injury claims from clients and customers. These kinds of claims may emanate from your business 's operations, products, or services. Without general liability coverage, you may for forced to use your business 's financial resources to cover costly legal costs and damages.
When shopping for insurance, you should prioritize general liability insurance because of the protections it offers your business. Depending on your type of work, you should also consider getting Professional Liability insurance. This policy covers financial or reputation losses incurred by third parties due to the errors and omissions you made while delivering professional services.
Although the federal laws don't require businesses to carry general liability insurance, your state or city may have particular regulations that require it. Therefore, you should evaluate your state, city, and municipality laws to ensure your enterprise complies with regulations.
General liability insurance covers bodily injury, property damage, copyright infringement, reputational damage, and advertising injury. However, it doesn't cover incidents resulting from risks that are excluded in the policy and incidents that didn't happen within the policy period. It also won 't provide coverage if the incident was done intentionally or was expected by the insured.
Your amount of general liability coverage should hinge on the risks your business faces. For instance, if yours is an electrical business working on a construction site, you 'll likely need more protection compared to a consultant who mainly does office meetings with clients.
If you are a startup and worried about expensive premiums of general liability insurance, then you can opt for other customized plans. At Kneller Insurance, we provide on-demand customized coverage for sole proprietors, startups, and independent workers as well.
If you need cost-effective general liability insurance for your startup in Columbia County, New York, contact us today. At Kneller Insurance Agency, we will help you find the right liability insurance for your business.
