Don't Overlook General Liability Insurance for Your BusinessThursday, April 04, 2013 Mary Anne Velasco
Don't look over general liability for your business as many events can happen, such as accidents from customers and employees can happen and you could have a lawsuit on your hands if any of these things occur. Having general liability insurance can cover lawsuits from you and your business. If, for example, a customer slips and falls in your business, resulting in a broken hip, he could sue either you or your business, costing many thousands, if not more for the lawsuit if it does happen, and it can happen, too. If you go to GeneralLiabilityInsurance.org you will find insurance for your business, it protects your business from said lawsuits.
General liability insurance will pay for legal fees to a good extent and if there is a lengthy court battle, it will help your business survive through that. It can also pay out a settlement to the injured party if the injured party agrees to a settlement, saving your businesses fiscal future and livelihood of the business, ensuring a secure future. It is best to never leave this sort of situation to chance, whatever you do. If you really want your business to thrive through incidences of slip and falls and general neglect lawsuits, such as an icy sidewalk in winter where someone falls and sues because of a neglected sidewalk, it is best to have general liability insurance. General liability insurance will help the company from going bankrupt if an injured party launches a lawsuit. A settlement can also be paid out with less impact to the small business.
Also, general liability insurance can also cover false advertising claims and property damage, also. If someone feels that a small business has advertised falsely and there was any damages as a result of this, general liability insurance can deal with any claims happening from this. This scenario is called advertising injury.
General liability insurance does not, however, cover for punitive damages, such as deliberate actions. If another lawsuit is launched due to a deliberate action, this is considered a punishment for this kind of damage, rather than accidental or advertising injuries.
General liability insurance usually has a cap for payment for claim incidences. Each incident will have a claim cap, for example, 1.5 million. Anything over that is then paid by the small business. There is another insurance plan that can come into the picture if you would opt to have along with your general liability insurance. This is an umbrella liability insurance. This insurance covers the rest of what a claim or suit will be needed to be paid out after the cap was reached by the general liability insurance. With umbrella liability insurance, if a lawsuit or settlement came to, let's say, 2 million, and the cap from the general liability insurance was 1.5 million, the umbrella liability insurance would pay the rest of the lawsuit or settlement until the balance is met.
An umbrella liability insurance plan would cover other incidences that are not covered by a primary general liability insurance. It is best to get both insurances to protect your small business from lawsuits and claims due to neglect and other accidents and injuries, including advertising injuries. You will be safer from lawsuits and other negative incidents that can harm your business and livelihood should any accidents, bodily injury or advertising injuries take place if you have general liability insurance. If you back it up with umbrella liability insurance, it would be nice to have this added layer of protection from incidents that can otherwise be costly to your business. Preserve your business with general liability insurance.