General Liability Insurance Definition:
General liability insurance protects the insured party in the event of a lawsuit for claims that come with the specific coverage purchased on the policy.
General liability insurance will protect your business’ assets and pay for obligations if someone gets hurt on your property – employee or visitor, and also pays for legal defense and a settlement should you need to take legal action. What does general liability insurance cover? It depends on what policy you signed up for.
Do I Need General Liability Insurance?
As a society that is bent on suing and creating damage reports, it’s almost a necessity for business’ today to have coverage over general liabilities. Some states even require businesses to carry a minimum amount of liability. Many lawsuits see claims of thousands of dollars, and when you look at your annual premium, it’s a no-brainer to have coverage that could protect your business from bankruptcy or financial ruin. The general liability insurance cost depends on how much coverage you think your business needs. InSource Insurance has a staff of dedicated and trained professionals that can help you evaluate how much coverage would be a good start for your company. Since general liability insurance can be purchased as part of a Business Owner’s Policy (BOP) or purchased by itself, we’ll see what the best option is for you, so you get the proper amount of coverage as well as save money monthly.
Reasons to Get General Liability Coverage
1. Keep you from running into financial problems when a claim is filed.
2. Some states require a certain amount of coverage.
3. Without coverage, you could be legally bound to pay for expenses a victim has accrued.
4. Coverage can keep you from paying out of your own pocket and having to declare bankruptcy.
How Do I Get the Right Coverage?
Working with an insurance broker like InSource Insurance allows for you to have multiple options for your coverage. By working with our team, we can help you understand what your annual premium will cover in the case of an accident. Relying on the knowledgeable team at InSource can help you be prepared for a worst-case scenario. Don’t trust your business to just anyone. Contact InSource today for help with planning your comprehensive insurance plan.