30 Aug Every One Needs General Liability Insurance, But Why?
Liability insurance helps to protect a business in an event that they get sued by one of their customers or even a third party for damages or injury. An insurance company will pay out for damages to the limits of the policy and it will also pay for the legal costs if the situation is brought to the courts. Carriers typically offer many types of coverage and different features.
Property Damage and Bodily Injury:
The policy will typically provide the protection for the physical injuries and any property damage. This may include a customer that was injured while on the business’s property or damage that was caused by an employee to the customer’s property. The policy pays for the medical expenses as a result of the person’s injury or any damages. The insurance policy does not cover any injuries that were sustained by the employee.
In addition to the insurance covering the physical injuries, general liability insurance policies offer coverage for the personal injuries. It is important to hire those who have experience and offer great coverage like Quaker Special Risk. This type of insurance policy includes covers a business that is sued when it publishes false information about another company or an individual. Also, it includes personal injury that can result in promoting or advertising a certain product. This is able to include being sued for any copying of or using another company or person’s intellectual property.
In addition to paying for any damages, liability insurance will also pay for certain legal costs when the insured that has the policy is sued. This will include paying for an attorney, police reports, or any of the associated court costs that are used to defend the insured during a lawsuit. The policy will also offer insurance for the loss of earnings for any of the court appearances or for any of the payments that the court requires like a bond.
Coverage amounts listed on your policy are the maximum dollar amounts that the insurer will pay during the term of the policy. This will include the maximum dollar amounts that will need to be paid for each of the occurrences. The insurer will pay up to this policy limit, and the business will be liable for the rest of the dollar amount that exceeds the listed amount.
This type of insurance is very essential for most businesses since it protects your assets in a case that you may be sued. There are some cases when the business is faced with a devastating claim for some medical expenses, the cost of defending during a lawsuit, and any judgments that are required during an appeal process. It is crucial that if you own a business that you acquire general liability insurance in order to keep your business safe. At times it can be the difference between keeping the doors opening and filing for bankruptcy should there be a situation arise.