As a small business owner, you've worked to build your company from the ground up. You've expanded, taken on new clients and offered new products or services. As your business grows, the risks facing it also intensify. Even if your company is brand new, you need to protect it with the right type and amount of business insurance. For a small business, general liability insurance is truly going to be at the heart of your company's success.
What Is General Liability Insurance?
This type of business insurance protects a company from a wide range of claims made against it including:
1. Property Damage: Covers your business from losses related to damage your business OR damage your employees cause to another person's property.
2. Bodily Injury: Covers you for legal liability related to the medical expenses of another person injured as the result of your company's products, services, employees or conditions.
3. Personal Injury: Protects your business from lawsuits brought against you from the personal injury losses suffered by others.
Business Operation Risks otherwise defined.
General liability insurance is almost always recommended for small businesses because it, along with commercial auto and property insurance, helps minimize financial losses facing your company. Specialized policies are also available for professionals who may be at a higher risk of liability-related losses, such as doctors, architects or contractors.
Who Needs It?
If you operate a small business, you face liability risks. Anyone can come into your business, be involved in an accident and sue you for their loss. Your product may fail, causing damage to another person. Your employee may make a mistake that leads to damage to someone's property.
The good news is that having general liability insurance can significantly reduce your company's largest and most expensive risk — a lawsuit filed against it. This means that your company can maintain operations without having to worry about a lawsuit, whether fraudulent or not, that comes up against your company.
Talk to your business insurance agent about the risks associated with your company and the type of liability insurance that can use to protect it. You can often purchase this type of business insurance within a business owner's protection policy, also known as BOP. This could help to reduce the costs substantially and help you to maintain the comprehensive coverage your company needs.
Is your business covered? Call Blue Marsh Insurance at (877) 627-7480 for more information on Pennsylvania business insurance.