Whenever you do business, you run the risk of harming another individual. If an accident occurs, the affected party might want compensation. It’s likely your responsibility to meet this expectation.
Fortunately, that’s where general liability insurance can help. Here’s an outline of what this type of policy covers.
What Liability Insurance Covers
Most businesses need to carry general liability insurance. This form of coverage can provide protection if your business is held responsible for injuring a third party or damaging their property. Through such a policy, you can obtain coverage for a variety of damages that your business might cause.
Your general liability insurance may cover the following:
- Bodily injuries—If a customer or other third party gets hurt in your business, this protection can pay their medical costs or other bills. Such coverage might also apply if you or your employees accidentally harm a customer when providing a service.
- Property damage—When providing services, you might use or visit a customer’s property. If you accidentally damage that property, use this portion of coverage to pay for the damage.
Keep in mind, most liability policies vary. Therefore, your specific policy might contain only certain aspects of the aforementioned coverage features. In addition, some general liability policies also include protection against personal and advertising injuries. As such, you may need to work with your insurance agent to customize your policy and potentially secure additional, specialized coverage. It’s up to you to determine where you need more protection.
The price you wind up paying for your coverage will vary. First, it will depend on the amount of risk you pose to the insurer. Second, the amount of coverage, along with such supplementary costs as deductibles, will also impact your price.
Remember, even with general liability coverage, your policy won’t cover every accident. Be sure to talk to your Skogman Insurance agent about the best way to establish the most secure coverage.