In today's litigious society, even small mishaps can result in large lawsuits. That's why general liability insurance, along with our other commercial insurance services, such as workers' compensation insurance is a MUST HAVE for many businesses.
General liability insurance is often the first insurance option that a business owner must consider since it offers protection against the following common liability claims:
General liability insurance can be purchased in two ways:
The amount of general liability insurance coverage a business needs will depend on two major factors:
General liability insurance policies always state a maximum amount that the insurer will pay during the policy period. Usually, these policies also list the maximum amount the insurer will pay per occurrence. For example, if a company has a $500,000 occurrence cap in its liability policy and it's successfully sued for $750,000, the insurer would pay $500,000 and the business would be responsible for paying $250,000.
To extend a general liability insurance policy maximum, many companies purchase commercial umbrella insurance. With commercial umbrella insurance, if a liability claim made against your business exceeds the limits of your primary liability policy, Commercial umbrella insurance can help pay the additional costs of the claim.
Taking precautions before an accident can help keep your liability and insurance rates down. The following precautions will go a long way toward lowering the likelihood of a liability insurance claim against your business:
Liability insurance protects the assets of a business when it is sued for something it did (or didn't do) to cause an injury or property damage.
Your general liability insurance policy can pay for everything from hiring a lawyer to court-ordered judgments and settlements.
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