Why Choose General Liability Insurance for Business?

Why one should choose general liability insurance for business is a good question. There are several reasons why it should be part of your operating expense when owning a business. This type of insurance protects your business assets if it is sued for causing property or personal damage. Nobody wants to face lawsuits when they are trying to keep their company up and running.

General liability insurance can be carried as a stand-alone insurance for your company or it can be part of a bundle such as property insurance. If bundling business insurance then it is imperative that you are sure that you carry enough general liability insurance. Different companies have different risk levels and these needs to be addressed when deciding on the right way to go with your company insurance needs.

An example of a large lawsuit that was settled in June of 2009 awarded the injured party with $14.25 million dollars. The individual was severely injured and permanently incapacitated from a defective product. Another case to further demonstrate the need for the correct amount of general liability insurance is the lady who suffered a traumatic brain injury when she slipped and fell at a small convenience store because there was no warning of danger. The amount awarded after a jury hearing was $12.2 million dollars. Case after case of these types of lawsuits can be seen time and again while some states seem to have more suits successful in court than others.

In either of the above cases property insurance alone would not have been appropriate. This is why it is important that you make sure your business has the right amount of general liability insurance. An insurance broker can sit down with you and help you to assess your needs and then design a business insurance package that will meet those needs. It is always better to have someone work with you to be sure you are covered in the event that some unfortunate accident occurs.

Without general liability insurance you take the risk of suffering a great loss to your business finances and a very real possibility of losing the business itself. This is especially true with the number of small businesses in operation today. Why take the chance when a little footwork and research can save you and your business keeping you doing what you love. Here at The Hoffman Insurance Agency we love helping you find the right business insurance! We also love to hear from you so forget to comment below.