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All Small Businesses Should Consider General Liability Insurance

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Some small business owners throughout the United States decide to cut costs and not purchase general liability insurance,  but a recent article from Fox Business argued the insurance policy is a must for all small business owners.

The insurance policy protects small business owners from issues that can arise from customers getting injured while using products, often covering bodily injury or property damage and other incidents that can occur as a result of a business’s product, said the source.

“If you don’t have this it could ruin the business,” Loretta Worters, a spokeswoman for the Insurance Information Institute, told Fox Business. “If someone is causing a lawsuit you have to hire a lawyer, you have to take time out from your business. It’s very costly.”

Small business owners are usually not required to carry general liability insurance, but it should be strongly considered by owners depending upon their location, what type of business it is and what types of products and services are offered by a company, Alyssa Gregory, of About.com’s small business guide, told the news source.

Businesses looking to purchase general liability insurance should get a few different quotes from insurance providers to ensure they secure the best rates.

 

General Liability Insurance

What Is General Liability Insurance? Commercial General Liability Insurance protects small-business owners from claims of injury, property damage, and negligence related to their business activities.

Workers’ Compensation

What Is Workers’ Compensation Insurance? Workers’ compensation insurance covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Business Owners Policy

What Is a Business Owners Policy? A BOP is simply bundled insurance designed to provide essential coverage to certain business owners at a competitive price. A BOP insurance coverage includes

Professional Liability Insurance

Professional liability insurance also called , errors and omissions insurance (E&O; insurance), protects you if a client claims that your services caused them to suffer a financial loss. While general liability insurance is primarily focused on property damage or bodily injury,

Disability Benefits Insurance

Employers in New York State are obligated to offer disability benefits insurance to their employees. This coverage is specifically designed to provide financial assistance in the event of off-the-job injuries or illnesses.



Business Umbrella Insurance

Without Business Umbrella Insurance (also sometimes called Umbrella Liability Insurance or Excess Liability Insurance ), you would have to pay the uncovered expenses out-of-pocket. Even if you carry General Liability Insurance for your business, without business umbrellainsurance you might face a repair, settlement, or judgment in excess of your coverage limit.

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