If you run a small to mid-size business that operates out of your home or that only has two employees, both of whom are family, you may think you don’t need general liability insurance. But what happens if you have an argument with your employee/family member and they claim harassment or discrimination and sue? What if you decide to invite a client over to your home to pitch them a new idea and they trip and break their ankle? Are you responsible?
You are. Most people believe they will never be sued. In a perfect world people work out their differences or problems with a conversation, but in the society we currently live in, someone is just as likely to slap you with a lawsuit as they are to try to work things out, whether the occurrence is your fault or not.
What type of business do we think needs general liability insurance? Every single one. Some companies may need higher coverage than other companies, depending on the company’s worth, the company’s assets and more. Multi-national companies, or companies with hundreds or thousands of employees may opt for umbrella insurance or excess liability insurance. What this does is cover the company if the payout, lawyer’s fees and other expenses go beyond the limits of the general insurance policy.
Most companies are well covered with a million dollar policy, but in the case of class action lawsuits, payouts could reach well into the millions.
Property damage is also covered under this policy. This means if your property is damaged by fire, by theft or even graffiti, you will be covered to get your business back up and running.
Along with General Liability Insurance we also recommend having workman’s compensation and state disability insurance. These are often required by individual states. If you aren’t sure what San Diego requires as far as liability for business owners, please give us a call and we will be happy to make sure your current policy is in line with San Diego laws. Or, if you are just launching your business, we would be happy to set you up with an insurance policy that will cover all your needs.
At Richard Turner San Diego Insurance we compile insurance packages tailored for each client and their individual needs. Want to find out more about what we can do for you? Call us today.
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