It’s a basic fact of doing business: as much as you count on commercial property insurance to be there for you in the event of catastrophic damage to your facilities, you also need to protect your organization from potentially ruinous lawsuits that can arise as a result of accidents or negligence. Commercial general liability insurance provides coverage for customer injuries, customer property damage, and lawsuits relating to both. It can help pay for immediate medical expenses as well as legal costs if an incident leads to a lawsuit.
How general liability insurance protects your business
A general liability policy can help pay for lawsuits resulting from:
- Third-party bodily injuries that occur to customers, employees, vendors, or visitors on your premises
- Third-party property damage caused by your employees
- Product liability – If your product hurts someone or damages their property
- Advertising injuries – damage from slander or false advertising
If customers, clients, vendors, subcontractors, or other non-employees sue you over the reasons listed above, general liability insurance can help cover the cost of the lawsuit, paying for:
- Legal teams to represent your small business
- Witness fees
- Evidence costs
- The judgement or settlement
Commercial general liability insurance is an essential safety net to provide funding when things go wrong. The amount of coverage you will need depends on factors such as the type of business you run and its location. Talk to a Gallo|Thomas advisor today to get started.