General Liability Insurance – 2024 Guide

This is one of the most important Insurance policies that you can buy as a business person. General liability insurance covers bodily injuries, advertising and property damage claims that are made against your company or business. With the rise in business lawsuits today, you don’t have to leave your business vulnerable to some potential costs which emanate from a liability claim. The policy covers third party bodily injuries, third party property, advertising damage, and reputation harm.  An employee in your company damages someone else’s property; another company may also sue you for having an advert that is similar to theirs. You may also be faced with an interview and you talk ill of your competition that comes guns blazing that you slandered their business. Such claims are covered under the General Liability Insurance.

Why do you need this cover?

You have clients visiting your workplace

If your business is the type where clients will be coming in and leaving any time, then there is a risk that they may suffer injuries.  To avoid this anxiety, you need a general liability cover. If someone, for instance, slips and falls breaking their leg or arm, you’ll be responsible for lawyer’s fees and medical bills. With general liability policy, lawsuits and medical payments are well covered.

Employees that you send to third party locations

You may be in a business that demands that you send some employees to work in different locations. In such a case, your company is responsible for the actions and everything that they do. Any work that an employee engages in outside station needs to be insured just like when you have customers on your premises. If the employee is injured or they engage in an activity where another person gets injured or property is damaged, you are responsible for the compensation and that’s why you need general liability coverage.

When clients’ equipment or server is under your custody

Sometimes you could be doing a business where there could be fire breakout or storm which may damage the equipment under your custody. General liability cover will ensure that in case of such or even theft of the client’s equipment is compensated. If you are a data company whose work is network or systems integration, this is a cover that is a ‘must-have’ for your company. It is also able to cover computers from damage coming from viruses, power failures or any other unforeseen cause.

When writing about businesses

If your job is speaking or writing about other businesses, it is possible that you could say or write something about a business that could be offending. In such circumstances, the offended organization may decide to initiate some litigation against you. They may accuse you of disparagement, slander or copyright. A GeneralLiabilityinsurance policy will cushion you from the expenses emanating from such.

You don’t have to operate a business without an insurance cover when you know there are risks involved that could cost you dearly. General liability insurance ensures that in case there is an occurrence of such costs, you are well covered and thus will not need to pay from your pocket.