If you’re starting a business or have one that you just started, it is essential that you get general liability insurance. However, most business owners don’t know what that means, what protection they will get, and what coverage they may need. Understanding how it works and what options you have is the first step to getting coverage.
What Is It?
General liability insurance, also called Commercial GLI) protects your assets and pays any obligations that are incurred if someone is injured while on your property, or has property damage. In short, anything you do that harms another person, or their property is covered. However, it can also help cover legal costs for your defense and settlements/awards you owe others when you’re sued successfully. These awards can include nonmonetary losses, punitive damages, and more.
Likewise, it can protect you from liabilities as a tenant if you rent your workspace and there are damages that are covered by the policy. It may also help with copyright infringement, libel, and slander charges.
Do You Need It?
The short answer is that everyone can benefit when you have general liability insurance. The society you live in is full of people who want to make a quick buck off another person. While you may go years without claims and legal problems, it is like to catch up with you.
While you will be paying upfront, the costs are far less than what you’d incur if you were sued for millions of dollars.
The company you choose is likely to have a wide variety of packages and options. You can mix and match to find a customized plan that suits your needs best. The representatives of the company you choose may also help you determine how much and what coverage is best for you.
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