It’s important for businesses of all sizes to carry general liability; the reality is that many businesses go without the coverage, leaving them vulnerable to paying for costly legal and medical expenses—and much more.
It’s important to know what general liability insurance covers and how much you will need to minimize risk for your business. Here are just a few guidelines and tips.
What general liability typically covers
Coverage always varies, and you should speak with a knowledgeable insurance agent regarding your business needs, so you know you’ve covered all your bases. The following are some costs that general liability would typically cover:
- Bodily injury and property damage to third parties
- Personal and advertising injury
- Product damage
- Defense costs
- Rented property damage in the event of fire
Because insurance policies differ and not every potential risk is covered under general liability insurance, you should also find out what your exclusions are.
How much general liability do you need?
Anything can happen, and that unpredictability makes general liability insurance absolutely necessary to protect your business. As you figure out how much insurance you will need, you have to take several factors into consideration.
- What type of business you own
- The size of your business
- Where your business is located
- How many employees you have
- The experience level of your employees
- The type of customers you serve
- What kind of property your business is located
As your business grows, your insurance needs will change. And the more risk that’s involved with your business, employees, workplace environment, or customer base, the more coverage you will need.
While broad coverage is a great start, plan to monitor your business regularly for any potential changes in your liability risk. Speak with one of our coverage specialists, who can help you properly determine your exposure and needed limits.
Tips to protect your business beyond general liability
A general liability policy is a start, but your business has several nuances that will require a unique insurance package to cover you.
Here are some additional ways to protect your business, staff, and customers:
- Stay on top of keeping accurate and timely records at your company
- Thoroughly train your employees to prevent accidents while on the job
- Maintain a high bar for quality control of your products
Make sure your business is appropriately insured to handle any liabilities that could come your way by speaking with an insurance expert who understands the various needs of your business.
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options, and we help to determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
