Protect Your Business from Costly Lawsuits
Once upon a time, general liability insurance was reserved for a select few business owners in high-risk industries. Today, all that has changed. Protect Your Business from Costly Lawsuits
Lawsuits are a common threat for large- and small-business owners alike. As the cost of defending a claim continues to increase faster than the rate of inflation, even the most cautious business owners may face financial ruin – even if the case is eventually dismissed.
Fortunately, the solution – general liability insurance – is simple and cost-effective.
General liability insurance is simply a policy that provides additional protection against the assets of a business in the event of an accident, injury or other damage.
The policy typically covers the cost of legal representation and face value of a judgment in the event of a successful lawsuit.
It does not protect the personal assets of the business owner, just the company assets.
Purchasing general liability insurance is fairly straightforward, but it does require a bit of advance planning and preparation.
Following are some things to keep in mind:
For example, an insurance company will need a copy of your business name, industry classification, address and other pertinent information.
An insurance company can help you find the policy that meets your needs, taking into account limitations and exclusions.
It may be more affordable to bundle general liability insurance with a business owner policy if the business requires only a minimal liability policy.