Secure your new business the general liability coverage that it needs.
If you have just launched a start-up business, you cannot afford the business delays and costs associated with a major liability claim. This is why it’s so important to secure the proper general liability insurance protection for your company. But what exactly is general liability insurance and what can it do to protect your company and its commercial assets? Here’s what you need to know.
What is general liability insurance?
General liability insurance is the most basic type of commercial liability coverage. Often referred to as “slip and fall insurance,” general liability policies offer coverage for the third-party accidents and injuries that take place on your business’s premises. General liability insurance provides two major types of coverage: property damage and bodily injury.
- Property damage – This offers coverage if you or one of your employees accidentally cause damage to a third-party’s property. For instance, if you accidentally backed a company vehicle into a customer’s fence, your property damage coverage would pay for their repairs.
- Bodily injury – This offers coverage for the injuries you or your employees might accidentally cause during the course of your professional duties. Additionally, bodily injury liability will offer coverage if a third-party injures themselves while on your business’s property. This coverage will pay for the medical treatment that affected parties may require as a result of your negligence or oversight.
Do I really need it?
General liability insurance is arguably the most important commercial coverage out there, and insurance experts recommend securing this coverage as soon as you establish your start-up. Having this coverage will ensure that liability issues do not cause your business to go bankrupt before it even has a chance to get off the ground. As an added incentive, many commercial spaces will not even let you sign a lease until you have a certain amount of general liability coverage in place. So, to protect your business and set it up for a successful future, make sure you secure general liability insurance as soon as possible.
This is why you need to secure general liability coverage for your start-up business. Are you looking for assistance with securing the right commercial coverage for your business? If so, contact the experts at Scautub Agency in Scotia, New York. Our dedicated team is eager to assist you with all your insurance needs today.