Although the federal government requires every business with employees to invest in workers’ compensation, unemployment, and disability insurance, according to SBA.gov, most state laws don’t legally require businesses to purchase general liability insurance. Despite this, lacking coverage can be incredibly risky for your business.
General liability insurance helps cover expensive claims that arise on a day-to-day basis. Covering these costs out of pocket may not be possible for the majority of business owners, so having an insurance plan can give you the safety net you’re after.
If you have a storefront, office, or building that is open to the public or work with clients, use social media to promote your brand, or advertise your business, you may want to consider investing in general liability insurance.
General liability insurance addresses business-related claims caused by bodily injury or property damage. This coverage can be bundled with a business owner’s policy for additional savings, or purchased as a standalone policy.
A general liability insurance policy can help cover claims related to:
Like all insurance policies, a general liability insurance plan doesn’t cover every claim that your company may face. Some exclusions include:
At the end of the day, many clients and businesses that work with your company may ask for proof of insurance to ensure that your business can survive a liability claim. Investing in several types of business insurance, including general liability insurance can help protect you on both a financial and legal basis.
For more information on what types of insurance your business may need, reach out to us at Assured Standard today!