Having general liability insurance for your business is one of the most important steps you can take to protect your company. The chances of business owners being sued has increased dramatically over the past decade and general liability insurance keeps a lawsuit from becoming a financial disaster for your company. Even if you think that you’re safe from facing a claim, having liability insurance is a smart investment that can save you thousands in legal costs if you were to face a legal battle.
Liability insurance protects your company’s assets and pays for obligations, such as medical costs, if someone were to get hurt on your property or if there was property damage caused by you or an employee. This insurance also takes care of your legal defense costs, protects against claims of false advertising or copyright infringement, covers the cost of any settlement if you were sued, and more. The type and amount of coverage your business needs depends on the perceived risk associated with your specific type of business. The location of your business is another factor in determining the type of coverage needed for your business. Here are five steps to keep in mind when thinking about business insurance:
- Assess Your Risks
- Shop Around
- Consider a Business Owner’s Policy
- Find a Reputable, Licensed Agent
- Assess Your Insurance Coverage Annually
Securing coverage that provides you and your business with the adequate protection to minimize risks is a necessity for business owners. A general liability policy will help cover the legal struggles that could follow an accident, injury, or negligence claim. From bodily injury to slander and property damage to settlement bonds, a general liability insurance policy is a safe investment that all business owners should consider. To discuss your business insurance needs, contact one of our Viera agents today.