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General Liability

Many owners of businesses are not sure as to what kind of coverage they need and what might be legally required to have for their companies. Also, they often are unclear as to what they can do to mitigate their insurance costs.

Some may even find themselves treading water in the attempt to keep their company healthy and functioning simply due to the sad fact that they did not purchase the appropriate level of business insurance coverage at the right time.

If you have recently started your own company or are currently operating a business that is either yet to be insured or underinsured, the following information may help. Certainly, give a call to your insurance professional for further information and help.

 

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It is wise to at least acquire general liability coverage before your grand opening! This kind of coverage is very valuable in that it will protect the company financially from the consequences of accidents and injuries. This coverage also protects against legal and medical bills should a person be injured on the business’ premises or hurt by an employee. There can also often be some limited protection provided for legal claims against your company resulting from copyright and trademark infringement or other issues, such as slander \or defamation.

Another helpful aspect of good business insurance is product liability or professional liability coverage. Companies that are in the business of giving clients advice or providing services will certainly need professional liability coverage should their services somehow cause harm to a client or customer. Conversely, product liability insurance will cover your company against any legal actions if a product you sell causes injury or somehow does not function as advertised.

Most business owners are wise to consider bundling workers’ comp coverage, commercial auto, and health insurance into an existing policy. When an employee is taken on, it is vital to protect him or her from the possibility of a serious accident or injury. This kind of policy can be considered as an investment as it can tend to attract only the very best of employees to work with you when they know that their health and safety are well looked after.

Once you have decided on a basic policy, business owners might next investigate their policy coverage at least once a year to see if anything needs to be added or subtracted from coverage. As a business grows, the policy will likely need to grow with it as new risks become obvious over time.

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