Regardless of the type of business you run, general liability insurance will protect you and your assets. While traditional "slip and fall" claims are common, that's only the tip of the iceberg. What happens if your employee accidentally bumps a client's laptop off the desk? Or what if you fail to prevent a fire and someone injures themselves? General liability insurance covers these and more potential situations, so it's worth taking the time to learn more about it.
general liability insurance covers a wide range of situations, including legal fees and medical expenses if a customer files a lawsuit. The policy can be especially useful for contractors and small businesses. It also helps protect a website owner against libel lawsuits. Even if the customer's injury wasn't caused by the business, a certificate of insurance can prevent this from happening. Moreover, landlords may require general liability insurance from property owners, as it covers any damage or injury caused by the business.
In addition to protecting your business assets, it can also cover third-party injuries and damages to a third-party's property. Without insurance, your business may end up paying these costs on its own. But with a general liability policy, your business can continue operating and enjoy the benefits of a comprehensive risk management plan. If you're unsure about whether general liability insurance is right for your business, consider these tips to help make the best choice.
The cost of general liability insurance depends on the type of business and its risk level. Businesses that interact with the public are at a higher risk of lawsuits than those that only operate online. A general liability insurance policy may cost $1 million per occurrence or $2 million for a period of one year, or more. Some businesses may even refuse to work with an uninsured business. While this is not mandatory in New York, it's still recommended.
A business's premiums for GLI are more expensive than PLI, but they are well worth the extra protection they provide. A general liability insurance policy from a reputable company can protect you against financial losses incurred by third parties because of a business's negligence. It covers the costs associated with legal expenses, property damage, and more. A policy can be in place as soon as 24 hours after you sign up.
A typical general liability insurance policy comes with a specific limit for occurrence and per-incident claims. Another policy type you can get is product liability insurance, which covers you for legal expenses if a customer is injured by a product you sold. The policy limits can vary as high as $1 million, so you'll need to choose the amount of coverage you'll need.
The most important consideration when getting general liability insurance for your business is cost. It costs a lot to defend yourself against lawsuits without general liability insurance, and legal counsel can cost upwards of $100 an hour. In addition, court costs can exceed seventy-five thousand dollars if the lawsuit goes to trial. Furthermore, lawsuits can cost several thousand dollars, even if they're dismissed. A business without general liability insurance is at a high risk of losing a client or two due to the financial cost of defending itself against a lawsuit.