After an accident, you could face a legal battle. Do you have the right insurance?
Despite our best efforts and most calculated and careful actions, accidents happen. We live in a society where an accident can quickly result in a lawsuit against the at-fault person. Fortunately, this is where general liability insurance steps in.
This coverage is protection that a business acquires to safeguard themselves against expenses that come along with being sued. Whether the company was responsible or not for the bodily injury or property damage, the unexpected can happen, and it’s important to be protected.
General liability insurance may be purchased by itself or can be bundled with your business insurance policies. To get started on selecting this type of coverage here’s what you need to know!
Determine the Right Amount of Coverage
Before you choose your general liability insurance limits, you should evaluate the degree of risk that you’re facing. Ask yourself how likely it is that bodily injury, property damage, the need for employment practices insurance, etc. may occur within your business or outside of it. Is there heavy machinery that can result in bodily injury or death? If there is, your chance of being sued has skyrocketed – and you’ll need insurance limits to match your exposure.
The Basics
If your business is involved in an accident and is deemed at fault, the insurer that holds your policy is responsible for paying legal costs. They are legally obligated to pay the liability claims (up to your policy limits) that include personal injury, property damage, bodily injury, and any damage sustained from false advertising.
For those businesses with excessive threats or vulnerabilities to their company, an umbrella policy should be purchased to provide additional protection on top of the general liability that is already in place.
Each employer and business owner should take precautionary measures to ensure that an incident doesn’t happen. Of course, accidents happen, but you can slash your risks with proper planning, caution, and safety policies.
With reliable business insurance, you can focus on growing your company! Contact Nahai Insurance Services. Our expert agents know the risks of each business and can take steps to safeguard your company.