GENERAL LIABILITY INSURANCE
GENERAL LIABILITY INSURANCE
If you have a business do you know what your General Liability Insurance covers. You probably know that Liability Insurance helps protect your company’s assets from being taken away and leading to near bankruptcy. Someone being hurt on your property can sue you for lots of money for the injuries they incur. Do you know what is all covered by a General Liability Insurance policy? Below are five things that General Liability Insurance covers. “General” refers to a business owner or corporation.
1-In the event of an accident on your property or business the person injured can sue the business and General Liability Insurance will protect the company’s assets and pay for the injured person's medical expenses. The insurance covers liability claims against the company protecting them from using their own assets to pay the claims. Without this protection the company could easily go bankrupt.
2-General Liability Insurance pays for your legal defense costs associated with any lawsuits brought against you. Legal fees can be expensive and this coverage is a real lifesaver to your business in the event of any unexpected accidents. If there is a settlement it will pay to cover this possible extreme amount of money. This kind of insurance is invaluable when you see some of the extreme accident settlements in today’s world.
3-Fire Damage to your rented business space would be covered by General Liability Insurance. The office next to yours would also be covered under these types of policies if a fire broke out in your office and spread. Whatever damages happened during the fire would be covered in your office and the ones next to it.
It also protects your company from negligence in the rented space. It protects you from any property damage or other losses that happen on the rented space because of neglect.
4-If your company is sued for untrue written or verbal content it will protect you from all the costs involved including any litigation that is involved. All lawyer fees and costs are compensated for with General Liability Insurance. Any ongoing litigation can get expensive when trying to solve some of these complex matters.
5-Contract liabilities are covered under Liability Insurance. It will cover any contracts that you enter into like a lease agreement. It will cover any liabilities that arise during the specific contract period. There are lots of contracts that are entered into when leasing a building and this will help cover these endless agreements. A lot of these contracts have to do with maintenance on the building protecting you from unexpected costs.
Knowing what is really covered under your General Liability Insurance contract can be a real lifesaver. It really does cover a lot of unexpected costs that can occur at your place of business. Make sure to read over your Liability Insurance to make sure what is really covered and for how much.