Starting a New Business in 2019? Protect Your Venture with General Liability Insurance
Many people dream of starting a business. Dreams of being their own boss and answering to no one are often the driving force for hanging their shingle out to new customers. There are many factors to consider and prepare for from the start, including general liability insurance. Without the proper protection, you could potentially go out of business before you even really get started.
The term general liability insurance is tossed around as if everyone understands what it means. While every new commercial venture can benefit from this coverage, there are only certain things it will and won’t cover. Start your business with confidence when you talk with a licensed, knowledgeable insurance broker from the Nowell Agency and get the best coverage for your needs to start your new venture on a solid foundation.
Coverage Under What General Liability Insurance
A general liability policy is used to cover many common lawsuits, non-employee injuries that happen on your property, damage you may cause to someone else’s property, claims of libel and slander. It may help pay for legal expenses, attorney’s fees, and settlements for items like:
- Third-Party Bodily Injury: Claims made by a customer or client who gets hurt while on your property may pay for immediate medical and legal expenses.
- Third-Party Property Damage: Imagine a customer coming to your office with their laptop and you trip with a cup of coffee that lands on the computer. If you do not have the funds to buy them a new laptop, the policy might help.
- Product Liability: When manufacturing products, there are times when they fail and cause harm to customers. If they sue you, this coverage may be able to step in to cover your legal fees.
- Harm to Reputation and Copyright Infringement: This can be used if misleading information is spread and your company is sued for libel or slander. Additionally, if you inadvertently impede on someone’s copyright, this coverage may be useful.
What General Liability Insurance May Not Cover
As the name implies, general liability covers a broad range of issues. There are times when having a specific type of policy is required. Here are a few items that are not likely to be covered under general coverage:
- Professional Errors (Errors and Omissions): Missing deadlines not only upsets a client, it can become a breach of contract. Having a specific policy will help with these types of issues.
- Employee Injuries: For those employee injuries that happen on the job, you will need a worker’s compensation policy to cover medical expenses and lost wages. It is required by law in almost all states.
- Business Property Damage: In the unfortunate event of a loss because of a fire, theft, or other weather-related events, you will want a commercial property insurance policy.
- Discrimination Lawsuits by Employees: Claims by employees of harassment, discrimination, or wrongful termination will need a specific policy.
Start Your Business on the Right Path with General Liability Insurance
Set yourself up for success with the right business insurance coverage after speaking with our professional brokers at The Nowell Agency. We are happy to sit down, discuss your needs, and design a package that will meet your requirements. We work with stable and established companies that will give you the protection you are looking for.