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As a business owner, you have to protect everyone involved with the venture. These aren’t just you and your employees. They are also your clients, vendors or even strangers on the street. If your mistakes harm these parties, then the responsibility of paying for their losses might fall onto the business.
You shouldn’t have to worry about how you will pay for such losses. Rather, you can acquire general liability insurance with the help of Reliable Insurance Managers, Inc.
What is general liability insurance?
You need business insurance to help you pay for the unexpected costs of losses impacting the business. One such loss could actually be the harm you cause to others. It their damage was your fault, you might have to repay them. That might call your own security into question.
However, if you have general liability insurance, you’ll receive assistance covering the costs of others. General liability insurance pays for the damage of third parties when your negligent actions harm them.
How does general liability insurance work?
General liability insurance will compensate other parties harmed by your negligence or mistakes. If you negligently cause accidents, then the resulting costs will likely be yours to bear. As a result, the affected party can make a claim against the business’s general liability policy. After an appropriate investigation, the insurance party will decide whether to issue payment to the affected parties.
What does a general liability policy cover?
Standard general liability policies will usually offer the following coverage:
- Bodily injury liability protection
- Property damage liability coverage
- Legal assistance insurance
Bodily injury coverage applies to the injuries or medical costs other parties sustain. For example, if a client slips and falls in your business, they can file a claim on this policy. Coverage might help them pay for their hospital or treatment bills, lost income and related costs.
Property damage coverage will apply to damage you do to someone else’s belongings, including damage to items in your care.
Legal assistance provides help with your own court or settlement costs that might arise from liability lawsuits. A harmed party might sue you or your business for their losses, and the resulting legal process could take time. Regardless of the suit’s outcome, the legal fees might remain.
When is general liability insurance required?
Most businesses don’t face any requirements to get general liability insurance from state law. However, other parties might require business owners to present proof of coverage, such as:
- Client contracts
- Professional licensing boards
- Landlords of rented offices[1]
How do I get general liability coverage?
It’s simple, call us.
Reliable Insurance Managers, Inc. offers multiple general liability insurance options, including business owners policy (BOP) packages. We’ve got the expertise to help you determine the appropriate types and amounts of commercial general liability insurance for your precise business needs.
Call us right now at 713-227-7283 or request a policy quote.
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