A common question that every businessman has in their mind is: What insurance should your business have? The simple answer is general liability insurance. If you want to know about what general liability insurance is, and what does it cover then you have landed at the right place. Almost every business regardless of big or small needs to buy a business or general liability insurance as it protects your business from liability claims. For more information, go on and read more.
What is general liability insurance?
General liability insurance offers compensation for claims arising from personal injury and property damage or for which your staff or company is liable. This insurance coverage is provided to company owners or directors, business managers, etc. It helps cover your third-party property damage and liability claims. The insurance plan gives you financial protection to protect businesses against any of the legal liability involved.
Why should you buy general liability insurance?
Having general liability insurance is imperative for those whose business involves visits to third-party sites. If any business involves a person to person interaction then you must buy this coverage plan. It covers:
- Third-party Property Damage
- Third-party Bodily Injuries
- Advertising Infringement
- Product Quality Issues
- Invasion Of Privacy
- Reputational Harm
If you are ready to pay for additional premiums then you can also opt for additional coverage that includes transportation liability cover, food and beverages liability extensions, medical expenses, fire damaged cover and more. In most countries, it is mandatory to have business liability insurance.
How much does general liability insurance cost?
The cost of general liability insurance depends on several factors. One of the main factors of calculating cost is the type and size of your business. Besides, companies working in higher-risk industries are liable to pay a higher cost compared to those companies in lower risk businesses. Few other factors that affect the cost of the coverage plan include years of companies experience, location, competition, insurance claim history and many more other related options.
So far you have learned everything about the insurance plan. Now that you have known everything, you might be thinking of having a liability insurance plan. The best way to find out the best plan with a specific cost is to apply for a quote so that you can distinguish between the plans. Get a quote for your business today to protect your business from liability claims. To learn more about general liability insurance, go visit https://generalliabilityinsure.com/cities.