If you own a business, and especially a small to medium company, you will definitely want to get some form of insurance. For example, if you’re in the landscaping business, you should invest in a landscaping insurance that shall protect your employees, assets, and profits from risks and problems.f In this case, we will be talking today about general liability insurance and, more specifically, what it can offer you.
This way, you’ll hopefully be able to make an informed decision and see if general liability insurance is indeed right for your business.
Table of Contents
What Does General Liability Insurance Cover?
In most cases, general liability insurance covers cases that could otherwise cost you in court. These include but are not limited to:
- Bodily injury
- Property damage
- Advertising injury
- Copyright infringement
- Reputational harm
However, some contractors can offer you personalized general liability insurance depending on what type of business you’re running. For example, vendors might want to look up Eventsured general liability insurance to see how they can protect their business from unforeseeable events.
It’s important to be covered against liability claims at all times, especially if your business involves working among people most of the time. If you’re working from home, it’s highly unlikely you’ll need such bold liability coverage as most insurance packages tend to offer. However, if your company is, let’s say, located in a mall, then you’ll definitely want to be legally protected against liability.
How General Liability Insurance Can Help You With the Following Claims
Here are some of the most common claims that general liability insurance covers and how exactly it helps you cover them:
Bodily injuries and property damage
This covers everything from slip and fall cases (both from customers as well as employees), or general accidents that are caused by your business against clients – for example, if you’re a home repair service agency and one of your employees accidentally breaks one of your client’s windows.
Advertising injuries
If your company more or less accidentally defames someone or another company, then you’ll most likely get sued for it. In this case, your general liability insurance has you covered. You’ve probably heard that defamation lawsuits can get ugly.
Copyright infringement
There’s rarely a set of words that puts more fear in a content creator’s heart than this… Copyright infringement is viewed as the devil by many of us, and for good reason. Given YouTube’s broken copyright algorithm, companies that rely on content creation to make a living will definitely want their insurance to cover this type of ordeal so that they don’t lose any money until the disputes are settled.
Reputational harm
Unlike advertising injuries, this doesn’t pertain to public defamation. Rather, this type of lawsuit refers to things that you say during an interview. Again, willing or not, you might say something harmful about another company or person during the interview, a case in which you can get sued. Oh boy…
Administrative costs of handling judicial cases
As stated earlier, there are loads of costs involved when it comes to pursuing and defending your business against lawsuits. With that being said, there are also tons of administrative costs involved in these lawsuits on top of the lawyer’s fees.
Yes, it’s a complicated matter and there is so much money involved that, frankly, many businesses would simply go bankrupt if you were to get sued a few times. That’s yet another reason why general liability insurance is a great idea.
The Bottom Line and Final Thoughts
General liability insurance is a great thing to have for any business. However, you should talk to an insurance vendor to only get the package coverage that fits your business type because, as stated earlier, not all lawsuits apply to every business type out there – especially since the pandemic has made lots of said businesses become exclusively a work-from-home ordeal.
In any case, we would love to hear your thoughts on this ordeal. What would you want to see added to a general liability insurance package? What wouldn’t you want for your business? Leave us a comment down below with your opinion.