WEDNESDAY, NOVEMBER 25, 2020
When running your business, you have to protect your customers. This means not only providing them with exceptional service, but also creating a safe environment for them to do business in. If someone were to sustain harm as a result of your services, then you might have to repay them.
To help you cover these costs, you will likely need general liability insurance. It’s there to cover the costs that might arise when your negligence harms others. While these policies cover many different losses, one of the primary benefits they provide is coverage for bodily injuries. Here’s how this coverage works.
Understanding General Liability Insurance
A liability is your responsibility for something else. So, in your business, a liability might be the risk you have of accidentally causing someone else harm. If you do, you might have to repay them.
General liability insurance is designed to help you cover the costs of these third-party losses. It can also help you cover your legal expenses if they sue you. Because bodily injuries might impact clients and others in almost any business, this coverage is almost always included in your general liability policy.
How Does General Liability Insurance Cover Bodily Injuries?
There are many different types of bodily injuries that the average general liability insurance policy might cover. For example, if a client slips and falls in your bathroom, or if a heavy object falls onto them, then this coverage might pay for their medical bills, lost income and other settlements.
There are several more expansive ways that your liability policy might cover bodily injuries, including:
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Accidental Medical Payments: Someone might get hurt in your business. However, even though it occurred on your premises, you still might not be legally responsible for this person’s losses. Accidental medical payments coverage can still help you assist that person if they need it. It might help you avoid a full injury lawsuit in some cases.
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Products Liabilities Coverage: If your business manufactures a product, then that product might harm someone else. For example, a manufacturer of a child’s toy might not discover a choking risk. This coverage might help you fight a lawsuit where the parents allege you hurt their child.
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Completed Operations Liabilities: Some businesses provide services to others. Electricians repair wiring, for example. Through their services they might accidentally harm their clients. For example, you might repair someone’s chandelier. Later, however, the wiring might spark a fire which damages this person’s home and burns them. They might sue you for their losses, which is a situation where completed operations coverage might pay on your behalf.
When establishing your business’s general liability insurance, ask your agent where your basic bodily injury coverage starts. Then, work with them to understand how best to increase your policy limits and expand your coverage to your advantage. By the end of your policy search, you will have established optimal protection that can protect your company in case of any mishap.
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