TUESDAY, JANUARY 26, 2021
 Starting a business might seem like a great opportunity, but it also requires a lot of responsibility. Before you even open the doors, you need to start protecting your operation, and that requires investing in a strong business insurance portfolio. A key component of every business insurance package is general liability insurance, and it’s one of the most important investments you can make in your company.
When you work with a trusted agent, you do not have to worry about the complexities of this type of insurance. We're here to help you cover every liability present in your operation, and it all starts with a strong general liability insurance benefit.
What is General Liability Insurance?
Business insurance offers you a way to protect your company’s assets from loss. While you might have property insurance and other coverage to insure physical loss, you also need to address the losses that might arise when you make mistakes that wind up harming others, such as your clients. In this case, you might be legally responsible for their losses, and you have an obligation to repay them.
Your liability insurance is the benefit that will help you compensate third parties for their losses that are your fault. The key here is to know what type of risks your business faces. You want to ensure you have enough liability insurance to be ready for any issue that might develop.
What Risks Does Your Business Face?
General liability insurance is designed to cover the business against liabilities that are present in almost every industry. These usually include third-party bodily injuries, property damage, personal injuries (libel, slander etc.), product liabilities and completed operations liabilities. However, you must tailor your benefits specifically to your operational needs, and you can do so by accessing your risk level with the help of your agent.
Consider the following:
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Is there machinery or equipment present in the business that could harm a visitor?
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What are the risks that you products pose to others? Could one of your items harm someone?
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Is there a chance that your services, advice or decisions could harm others? If so, what action might they take against you?
Though general liability insurance is foundational coverage, it is just a starting point for your overall liability insurance needs. You might need to enhance it with various endorsements and specialty liability policies. As a new company, you might not automatically know where your coverage needs lie. Work with your insurance agent to ensure your coverage matches your current needs and remember that they will be there to help you make any changes well into the future.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
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