Small businesses face many risks and exposures, which is why it’s important to have proper insurance coverage. General liability insurance is one of the most important types of coverage for small businesses because it protects against claims for bodily injury, property damage, and personal injury.
Here, we’ll explore who needs small business general liability insurance, the types of coverage available, the cost of such insurance, and the benefits of having this type of coverage.
Who Needs Small Business General Liability Insurance?
Any small business that interacts with customers or has employees needs general liability insurance. This includes businesses in industries such as retail, hospitality, construction, and professional services.
Even if you work from home or operate a mobile business like a food truck or vendor booth at an event, you still need general liability insurance.
Types of General Liability Insurance Needed by Small Businesses
There are several types of general liability insurance that may be needed by small businesses depending on their specific risks and exposures. These include:
- Bodily injury: This coverage protects against claims for physical harm to someone else while on your premises or as a result of your operations.
- Property damage: This coverage protects against claims for damage to someone else’s property caused by your business operations.
- Personal injury: This coverage protects against claims for non-physical harm such as defamation or invasion of privacy.
- Products-completed operations: This coverage protects against claims related to products you sell or services you provide after they have been completed.
- Medical payments: This coverage pays for medical expenses incurred by someone who is injured on your premises, regardless of fault.
How Much Does Small Business General Liability Insurance Cost?
The cost of small business general liability insurance varies depending on several factors, including the type and amount of coverage needed, industry risk factors, location, number of employees and revenue.
With the experts from General Liability Insure, you’ll be able to find the right insurance quickly and without significant effort on your side. We will choose the best offer for your company, taking into consideration its specific needs and financial capabilities.
Small Business Risks & Exposures
Small businesses face many risks and exposures, including slip and fall accidents, employee injuries, property damage, product defects or malfunctions, professional errors or omissions, cyber-attacks, and more.
Without proper insurance coverage, these incidents could result in costly lawsuits that could easily bankrupt a small business.
Small Business General Liability Insurance – The Bottom Line
General liability insurance is essential for small businesses because it protects against claims for bodily injury, property damage, and personal injury, to name but a few. Depending on the specific risks and exposures of your business, you may need additional coverage such as workers’ compensation insurance, cyber liability insurance or professional liability insurance.
Don’t wait until it’s too late to protect your business from costly lawsuits. Contact a licensed insurance agent from General Liability Insure today to discuss your options for general liability insurance.