A Quick Guide to General Liability Insurance

Written by dagny on . Posted in Insurance

Some of the most frequent questions we get at Richard Turner San Diego Insurance Agency have to do with General Liability Insurance. In order to help our clients, we have compiled a quick guide to help answer any questions you might have about this type of insurance coverage. If your question is not answered below, please feel free to contact us at any time (link to site).

Who needs it? Anyone who owns a business should have a General Liability Insurance policy. This goes for businesses that consist of one or two people to multi-national corporations who employ thousands of people.

What does it do? This type of insurance covers you in case of a lawsuit resulting from bodily injury while a patron or client is on the property and against injuries experienced by employees. Policies may also contain coverage for property damage due to theft or vandalism. Advertising Injury is also covered whether you are sued for libel, copyright infringement, misappropriation of concepts or ideas and/or invasion of privacy. Policies can be customized for your needs and can also include coverage for company vehicles.

How much does it cost? Policy costs will vary depending on what is included as well as your deductible. The size of the company may also determine costs depending on whether or not you include professional liability insurance for managers and top executives. Policies can range from a few hundred dollars a year to thousands.

How important is it? We think having a comprehensive policy is critical for every business owner. You never know when you’re going to get sued. Even if a lawsuit is not valid, it can eat away at profits and take time away from running a business.

What happens if I don’t have General Liability Insurance? If you don’t have General Liability Insurance and you are sued, whether the lawsuit is valid or not, you may lose thousands of dollars in lawyer fees, court fees and time spent away from work. In these economic times, we don’t know a single business that can afford to waste time and money on lawsuits. In a worst-case scenario, a business may close because of the costs incurred by a single lawsuit.

At Richard Turner San Diego Insurance Agency we’re here to help you. We cover your assets so you can focus on the things that are really important to you and your business.

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