If you own a small- to medium-sized business, you’re mindful that each and every time you open your doors you expose yourself to a plethora of potential liabilities. No matter how careful and diligent you are, it’s simply not feasible to protect against every conceivable scenario that may arise in the course of routine operations. Combine this reality of life with the litigious world we are living in, and shielding ones property and assets with a sufficient amount of general liability insurance is vital.
Who Needs It
General liability insurance (also called commercial general liability or CGL) is vital for anyone who is setting up an exciting new business venture, or who is concerned about better safeguarding an existing one against lawsuits. Regardless of if your place of business is a store, office space, mobile site, or on the net, a CGL will protect your assets any time you are sued.
What It Covers
Not only is it the most-common variety of protection for small business owners, general liability insurance is additionally the most all-inclusive. The insurance policy includes any legal costs associated with a covered liability claim made against the insured, as well as any sort of general or compensatory damages (punitive damages are omitted, however) which may be awarded to a plaintiff.
There are normally three kinds of claims paid by CGL, although a fourth (including “advertising injury” caused by intellectual property infringement, libel, and slander) might also be included in some policies. The three types of claims included in all general liability policies are:
* Personal injuries as a consequence of any action or negligence on the part of you or your employees * Bodily injuries sustained by customers, employees, vendors, and visitors while on the premises of your workplace * Property damage due to the actions or negligence of you or your staff
How Much It Covers
General liability insurance plans insure insured claims up to a maximum amount for the policy term. Since many business owners desire added protection of their properties and assets above and beyond the total amount protected by their policy, umbrella policies (which offer protection for amounts past the policy limit, and afford coverage in any gaps in the insurance policy) will often be added on to active insurance coverage policies. Needless to say, as is the case with any kind of insurance plan, the total amount covered is negotiable based upon your specific business’ profile.
What It Costs
A GCL plan can cost from several hundred to several thousand dollars a year, depending upon the type and size of business you own. Figuring out exactly how much coverage you must have and, consequently, just how much it’ll cost you, requires an assessment of the total risk associated with your business, the area in which your business operates, and any additional factors applicable to your unique situation.
If you’re shopping for general liability insurance, stop by Darin Mendanor’s site, where you’ll find valuable information on liability insurance for small business that you can’t afford to be without.
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