General Liability Insurance Coverage
General liability insurance coverage is a crucial component of your company's risk management strategy. Whether you're a large or small business, you need protection against the financial consequences of a lawsuit. With litigation against commercial enterprises on the rise, your business can't afford to risk its assets or its future. Use the tools on this website to locate a professional in your area who can help you find a policy that fits your business's requirements.
In today's competitive commercial climate, you have to provide products and services as quickly as possible to meet your customers' demands and keep up with other companies in your line of work. Monitoring your workplace for risks and potential liabilities isn't always possible. However, a simple slip-and-fall accident or an incorrectly worded advertisement could result in a lawsuit, leaving your business responsible for attorney's fees, court costs and potential damages.
The easy-to-use form on this website allows you to get in touch with multiple general liability insurance specialists in your area. You can get answers to your questions, compare quotes and investigate your options using these online resources. A company's liability needs vary depending on its size and the risk factors involved in its operations. You may need to spend some time evaluating estimates from different insurers before you find the right policy and liability insurance cost for your commercial organization.
How Much Coverage Is Adequate?
The amount of general liability insurance coverage that you need may vary depending on the number of employees you have in your company and the nature of the work that you do. In general, businesses that have a higher level of risk in their day-to-day operations will need more coverage than companies that operate in a low-risk environment. If your company has a storefront with a lot of foot traffic, your liability exposure may be higher, and you may need to consider increasing your general liability insurance coverage.
Accidents can occur at any time, even when you have strict safety measures in place. The rising costs of medical care can make a bodily injuries lawsuit extremely expensive for your company. In addition to paying for the costs of acute medical treatment, you may be held responsible for rehabilitation and loss of wages. Overall, the damages awarded to a plaintiff could exceed the maximum limit stated in your contract.
Your general liability insurance coverage provider can help you increase your protection if your policy's maximum limit doesn't meet your level of risk. In order to receive the full value from your insurance coverage, your company should have benefits that cover potentially significant damages. If you live in an area of the country where commercial liability cases often favor the plaintiff, your needs may be greater than average. Work with your agent or broker to calculate the amount of coverage that fits your loss control goals.
Some general liability insurance coverage policies give you the option to add a no-fault medical payments plan, which covers the costs of medical treatment for injuries that occur on your premises up to a certain limit. These limits are fairly low, in general, in order to discourage fraudulent claims from customers who orchestrate injuries in order to take advantage of a business's insurance coverage. However, when actual minor injuries occur, having a medical payments option added to your general liability insurance coverage can take care of a customer's needs while minimizing your risk of a lawsuit.
What Are My Insurance Options?
By definition, general liability insurance policies cover bodily injury, personal injury, advertising injury and property loss. These categories cover a wide range of territory, from slips, falls and machinery-related incidents to emotional stress and false advertising. General liability insurance policies can be tailored to the requirements of your organization so that your coverage protects you against the liabilities that are most common in your field.
Extra options, or endorsements, can be added to your general liability insurance coverage if your company has specific concerns that aren't encompassed by your general liability insurance coverage. You can include protection against liabilities due to the use of liquor if you own a bar or restaurant. Employment practices endorsements protect you against lawsuits by current or former employees who believe that your company did not treat them fairly.
The best way to find a policy that suits the type of business you run, the size of your organization and the risks involved in your operations is to find an experienced broker or agent who can help you find appropriate general liability insurance coverage. Every business is different, and the general needs of other businesses may not apply to your group. Use the resources on this website to find a versatile, affordable policy that takes the nature of your business into account.