If you own a business you need General Liability Insurance, otherwise known as Commercial General Business Liability Insurance. In essence, this type of insurance covers you in the event of a person (not an employee – that’s part of worker’s compensation) getting hurt on your property, damage to your property and or damage to a client’s reputation and more. Payouts go towards medical bills, rebuilding or repairs or fees accrued due to lawsuits.This type of insurance is critical for any company that offers services where clients or visitors come to your site of business. Examples include retail businesses, advertising or marketing companies, beauty salons and more.
General Liability Insurance covers companies if property damage occurs. This can be anything from a broken window to graffiti to internal damage. Fire, misuse by tenants and more can also cost the property owner if he or she is not insured. Ask your insurance agent if you are protected against natural disasters. Most policies exclude natural disasters as Acts of God. If you live in an area where hurricanes, tornadoes or severe storms are common, find out what type of insurance you need to cover weather related damage.
If you or your employees cause injuries to another party or another party, General Liability Insurance will also cover these costs.
As part of the insurance, legal defense costs are covered, as are settlement costs in the case of a lawsuit. Compensation for damage is covered as well as nonmonetary losses such as loss of mobility or something along those lines. Punitive damage is covered.
False advertising, copyright infringement, libel and slander can be included for coverage with General Liability Insurance.
Annual premiums are surprisingly low for the coverage this insurance provides, however costs will fluctuate depending on the specifics of the contract, the maximum payout and more.
At Richard Turner San Diego Insurance Agency we work with you to cover your specific needs. If you need excess insurance or umbrella insurance in order to offer higher coverage limits we can write that contract. Umbrella or excess insurance provides added coverage and peace of mind in the case of a lawsuit where you are required to pay damages might cost thousands or millions of dollars.
We will work with you to find the right coverage for your business. Protecting your most important financial asset, your business, is the job we do best.
Be sure to ask about Business Owner’s Policy, which combines liability and property insurance into a single policy.