General liability insurance is designed to cover automobiles, workers, companies and individuals when damage occurs to property or other persons. This can occur during an accident, equipment malfunction or other situation. The insurance is good to have because the restitution out of pocket can be quite pricey. Consider general liability insurance as a must have, even if you just own a small business or are an independent contractor.
Personal General Liability Insurance
Individuals can obtain personal liability insurance. It is coverage for personal and property damage in the event of an accident. If you work for a company and drive their vehicles, this insurance is ideal to have in case their auto insurance falls short of the claim’s needs. It is also ideal to have in combination with auto and homeowner’s insurance to cover the cost of replacing property or paying medical bills if the policy for the home or car is not enough.
Business Related General Liability Insurance
As a business, you have to have general liability insurance. When consumers patronize your establishment, they expect it to be a safe excursion. This is not always the case. Customers have been burned, cut, have fallen, have had items fall on them and have experienced other types of tragedies. Sometimes these injuries are very serious, life threatening or disabling.
For the reasons stated in the above paragraph, general liability insurance is a must as a business owner.
Regardless of the size of our business or the type of business that it is, this insurance is an expense that you must endure every month. The premiums vary depending on the amount of coverage you purchase, as most agents suggest $5million in coverage.
Lawsuits
When a business does not have general liability insurance and a lawsuit is filed, this is nothing but trouble for that business. Rather than filing a claim with their agent, the company will have to pay out of pocket. This has closed some businesses down in the past because the expense for pain and suffering, mental distress, lost wages, incapacitation and any other expenses including medical payments, adds up quickly.
Whether you are an individual or a business owner, general liability insurance is important. Filing a claim and paying a slightly higher premium is far less expensive than paying out of pocket or having to obtain a loan to pay for injuries. If you have minimal general liability insurance, consider beefing up the coverage a bit.
