A general liability insurance policy settles third-party injury or damage claims. In essence, it allows the holder to repay others for the harm that they caused the victims. This way, victims can get financial help when they are involved in accidents that aren’t their fault, and the insurer can also protect your business from having to pay for any loss that you accidentally cause.
Do I need general liability insurance?
If you own a business, then you need general liability insurance. At any point in time, someone might get injured from an event that involves your company. Say, for instance, a company car runs into a pedestrian while your staff is running errands. Once it has been ascertained that the fault is from your driver, you are responsible for the medical expenses for injuries incurred in the accident. Liability insurance also covers any legal fees for property damage for which your company has been deemed responsible. Without liability insurance, you pay for the damages.
That said, a liability insurance policy does not cover employee injuries that are not business-related, auto accidents, punitive damages, intentional acts, or professional mistakes. A liability insurance policy for company vehicles can serve as affordable auto insurance.
How much general liability insurance do I need?
The amount you need will depend on factors relating to your business, such as the number of employees, your industry, and the type of customers you serve. If you’re a small business owner, the standard $1 million liability policy is most often adequate. With this plan, the insurance company will pay not more than $1 million on a single claim. Also, the plan typically comes with a lifetime limit of $2 million. Our insurance brokers are always on hand to provide valuable advice on the best type of policy for your business.
Things to consider when buying general liability insurance
Before going out to get general liability insurance, you need to do the following.
Consider the type of business you do: Take a good look at the kind of business you run and the liability risks that it might generate. Carefully review the insurance policy’s terms and conditions to be sure that it covers any of the risks that your business might generate. You might consider getting cheap auto insurance if your business involves a lot of driving around. In that case, working with some of the best cheap car insurance will be a great idea.
Choose the right insurance company: Not all companies will deliver on their promises, so you need to do your due diligence. We have some of the cheapest rates online that you can exploit when looking to take a liability policy. That makes us one of the most affordable insurance companies out there. We also have great insurance advisers with whom you can discuss your business risks to ensure that your coverage is sufficient and suitable. Our policies are clear and straightforward, and you can discuss any points with any of our agents who can walk you through the process.
Do you want to know more about liability insurance? Insureist is easily among the cheapest car insurance companies around, and our brokers are always on hand to give you the best advice. Contact us on 888-470-1550 for the best insurance policies, and you’ll receive a quote within a few minutes.