When most people hear the word liability insurance, they think “fault” because that is what that word means. Who is at fault for a situation or who is liable. But when it comes to liability insurance, things aren’t quite that simple.
General liability insurance is used to protect businesses or business owners from things that occur regularly in that business environment. It can also be known as business or commercial liability insurance but it all points back to the same thing. There are plenty of situations that can arise when you own a business and general liability insurance is there to protect you in those circumstances.
Do I Need It?
When it comes to insurance, whether it be commercial or auto insurance, it is better to have it just in case you need it, than to not have it when you do. Also in the United States, it is most likely going to be required if you own a business. Whether you own a small mom and pop shop r a big retail store, you are going to have customers on your property and let’s face it, accidents happen. Without insurance, one small accident could turn into a costly situation costing you lots of money and could even ruin your business.
General liability insurance can protect you in the case that you are at fault for damaging someone else’s property. For example, if you have a shopping cart at your store that runs into a car and causes damage, your insurance can help to cover that claim.
General liability is not only helpful for injuries or physical damage, it can also protect you if you are facing legal action due to advertising issues such as libel or slander.
What Kind of Insurance Do I Need?
You will typically need at least one type of insurance if you own a business. You will need commercial insurance, liability or business income coverage insurance. Business owners typically want to do whatever possible to protect their business but you also have to evaluate what is right for the specific business. General liability insurance is more often found with companies that don’t have as much face to face interaction with their clients so they are only going to need it while the client is using their services. For example, general contractors might opt to use liability insurance because they are running out of a storefront and are working for someone else which will usually have their own insurance as well.
Commercial property insurance can help cover your losses if they are damaged or destroyed. This type of insurance is important because most businesses own a large amount of property and even small damages can be costly without insurance.
General liability insurance is useful when accidents happen, as they often do when they are least expected. It can help to protect your business if someone is injured while in your business.
Business income insurance will come into play if you have to shut down your period for an extended period of time and can help to cover routine expenses while the business is shut down.
Reach Out Today!
If you are a business owner and are in the process of considering insurance for your company, we can assist you with information or answer any questions you may have. Don’t hesitate to reach out to the helpful team at Willoughby Insurance of Buffalo, NY.