Being a small business owner you might have lots of responsibilities on your shoulders like responsibility of running a business apart from the welfare of the business. You don’t know when the things may go wrong even if your business is running smooth and meeting the set standard. General Liability insurance helps you to cover unexpected costs.
Being a small business owner anyone can file a lawsuit against you who may not like your services and you want some kind of protection. A Business Liability life Insurance helps you to protect the property damage, personal injury and damages due to legal cost and lawsuits. Different types of Business insurance available but it depends on you and your Business needs which one you choose. Most familiar Business Insurance is Liability Business Insurance, Professional Liability Insurance and product Liability Insurance.
Let’s have a look on the familiar Business Insurance.
- Protection Against the Unexpected
Liability Insurance proffers protection from advertising claims, property damages and injury claims. A professional Insurance is found to be beneficial for owners which provide some services and offers protection against omissions, errors, malpractice and negligence. Product Liability Insurance proffers protection against injury due to the use of particular product.
2. Defence Mechanism
For the best deal you need do thorough search as it is offered by several insurance companies. After choosing compare them and choose the best deal. If you go for General Liability Insurance than let me tell you that it acts as a defense mechanism because it proffers protection for your Business against wrong doing and inattention. For example- Your customer has filed a lawsuit against you; if you have general liability insurance then it will cover your losses, body injury to your employee and extra cost for repairing your product.
3. Protection against Medical Bills etc.
General liability Insurance premium size may vary but its measurement includes the amount you pay to your employees. If you have a Home care child Business then it will cost you between USD 350 to 700 and increases every year. But if you have photography business its cost may vary from USD 1000 to 1500. While buying liability insurance ensure that it covers medical bills, legal costs and have a careful look on it with terms and condition before signing.
4. Protection Against Employee or Staff Actions
There’s an old saying about it being hard to find good help. While you likely try to keep the best staff possible, it is sometimes hard to guard against employee or staff actions. This includes things as simple as slander or something as serious as an incident with property damage or injuries. In certain cases, these types of claims brought on by third-parties could have coverage on your general liability insurance policy. However, sometimes you might need to add a special provision, or even separate policy, called personal liability coverage.
While having a general liability policy isn’t a legal requirement in most states, it is still a good idea to have. These five benefits are really just the jumping off point of why your firm should invest in one.
