If you run a business, it is critical that you have some form of general liability insurance. A commercial policy protects you against claims from customers or other people who come into contact with your business. Suppose you had a fencing company and were building a large fence at a golf course. If you’ve left a lot of open holes in the ground and someone walked by one day, tripped over your hole and broke their leg, chances are they’ll sue you. Well, if you have a commercial general liability coverage, chances are you are covered and any damage you have to pay because of that injury may be paid by the insurance company.
However, you should be careful as your monthly insurance payment will likely increase if you successfully settle a claim against you. The normal general liability insurance covers: bodily injury, property damage, personal injury and advertising injury. Another great benefit of having this type of insurance is that even if a claim against you is false and you still have to go to court, you will be covered by your policy.
As an entrepreneur, having this type of insurance is a fact of life, you cannot ignore it. The last thing you want is for an employee to be seriously injured in a workplace accident and then have to pay millions of dollars for a settlement that could put your company out of business. That’s why it’s smart to carry some form of general liability. Insurance.