While it’s not required by law, it’s a bad idea to go without any type of general liability insurance coverage. Failing to carry it could result in you having to face lawsuits. How are you going to deal with any claims made against you, your employees, and/or business? Being in charge of an insured company should be a priority for anybody who wants to run a business.
It does have a deductible. Most insurance companies will allow business owners to choose the amount of deductible when getting a quote. This is the same as any other deductible: how much you’ll be able to pay before the coverage itself kicks in.
General liability insurance coverage usually pays for third party damages, but not your own. You may want to protect your assets and place of business from theft, vandalism, fire, flooding, etc. In this case, you’ll need more coverage. You don’t want to risk losing your equipment, supplies, and other essential items. Especially not due to any of these incidents.
Even if you have Commercial General Liability (CGL) insurance, there are many benefits. For instance, it shows that you value your customers. It signifies the legitimacy of your business. It can also lessen any potential concerns that associates and customers might have.
General Liability Insurance Coverage for Services
Your company may involve a service. In that case, keep in mind that many client contracts require insurance. You will need to present a certificate of general liability insurance coverage (COI). The certificated must have a list of all coverage types and limits on the policy. All you have to do is request a copy from your business insurance carrier. One for yourself and one for the client.
You or your employees may have to go to the customer’s property or another third party site. In that case, your company is still responsible for any damages that might occur. Luckily, general commercial insurance covers that as well. Having a CGL and presenting the customer and/or other third parties with a certificate is essential. It helps you to give them peace of mind about allowing you on their property. They will be more willing to receive a service or product from you.
Where can you get general liability insurance coverage? There are many carriers, and you can find them online. Read reviews and check ratings to weed out the good ones from the bad ones and scams. Hiscox is a good commercial and professional insurance provider. They make it easy to find the exact type of insurance you need. It doesn’t matter which type of business or industry you’re involved in.