Imagine construction work for your new office going on full-fledged and then a worker accidentally drops a tool that hits a passer-by resulting in injury to the passer-by. This is just one situation which can trigger claims/lawsuits that can have a severe financial impact on your business. Like all things you face, you look for a solution. The solution here is rather simple – Business Liability Insurance.
In case you are wondering about business liability insurance cost, you can rest assured it will be well worth it.
To better understanding the need for business liability insurance, you should know the areas that the insurance covers. Here are the areas business liability insurance covers:
the first thing that your Business Liability insurance or General Liability Insurance covers is bodily injury to the general public due to the acts of or neglect of your business and/or employees.
Business Liability insurance policy will cover the damage to a third-party’s property due to the acts of or neglect of your business and/or employees. Depending on the exposure, the third-party property damage can be extremely high.
personal injuries, like slander, differ from bodily injury. In that case, business liability insurance might help you. You should discuss this with your insurance agent to learn more about this coverage.
while advertising or marketing, there is a chance that copyright issues might arise. Your Business Liability insurance would address such concerns.
The legal costs from claims/lawsuits against you for any of the aforementioned reasons can be extremely costly. Business Liability insurance will cover those charges, further helping to secure your business’ financials.
These are 5 major areas where Business Liability Insurance helps. This type of insurance will help in protecting your business from financial disaster and give you peace of mind.