If you own and operate a business, or you are in the process of starting a business, then you need to purchase general liability insurance. It doesn’t matter what kind of business you run or how large your business is, not having liability insurance can prove incredibly costly.
Liability insurance, which is also known as commercial general business liability, will help to protect your company’s assets as well as to pay for any obligations. This means that if someone was injured on your company’s property or if their injuries were caused by you or your employees, then the medical costs will be covered. Property that was damaged as a result of you or your employees will be covered as well.
Additionally, liability insurance will help cover the costs of a legal defense as well as any punitive damages, compensatory damages or non-monetary losses that were suffered by the injured party. This isn’t it either; liability insurance will help to protect your company financially against any false or misleading advertising claims as well as libel, copyright infringement and slander claims.
If you don’t have liability insurance and you are taken to court, your company may end up folding under the enormous debt. You can purchase a general liability insurance policy by itself, but you can also purchase it as part of a business owner’s policy, or BOP, which usually bundles liability insurance and property insurance together into one policy.
For more information about purchasing small business insurance policies, contact us at CCW Insurance.