General liability insurance is a common insurance most businesses carry. Issues such as customer property damage, customer injury, and advertising injury are covered in common business risks with general liability insurance. From the high costs of lawsuits and helps you qualify for leases and contracts; it protects your small business. Today, we at InsureWise would like to discuss the basics of general liability.
Why Do Businesses Need General Liability Insurance?
Especially if you rent or own an office or commercial space, most small companies need this insurance. General liability insurance is often a requirement for many client contracts. Small businesses that work directly with clients and customers usually benefit from commercial general liability insurance, also known as a CGL policy, even if this does not apply to you. If you are sued by a customer or competitor, this insurance policy can keep your company financially stable. Most small business owners buy the policy right after they start their business because general liability insurance provides such important coverage.
What Does Commercial General Liability Coverage Cover?
For common liability claims from third parties, people outside your business, general liability insurance provides coverage. If someone sues over a bodily injury, property damage, or advertising injury, commercial general liability insurance covers legal defense costs. From hiring a lawyer to court-ordered judgments and settlements, your commercial general liability policy can pay. If the following list below applies to your business, general liability coverage is essential.
– Works with customers or clients closely
– Commercial property is rented or owned
– The business location is open to the public
– Client property is handled by you
Is General Liability Insurance Required By Law?
For certain industries like construction, states may mandate it, but general liability insurance is not always required. However, general liability insurance still likely required by your mortgage company, landlord, or clients, though general liability insurance is not typically required by law. As proof of your general liability insurance coverage, a landlord or client may ask your business to show a certificate of insurance. Your business can handle any personal injury or property damage lawsuit is verified with this document. The certificate gives your property manager, bank, or customer peace of mind that they will not be stuck paying the costs of a lawsuit against your company, which more important.
How Does Liability Insurance Protect a Business?
For legal fees from common third-party lawsuits, general liability insurance can help pay. Below are a few common examples of how general liability coverage protecting home businesses, contractors, and small businesses.
1) Home Businesses. To pay for a lawsuit from a courier who slips on your doorstep while delivering documents can be covered with general liability insurance.
2) Contractor. In case you damage their equipment, a client may ask you to provide a certificate of insurance.
3) Small Businesses. General liability insurance may be required if you sign a commercial lease and your landlord.
General Liability Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada
To protect your business, contact InsureWise. We can help you get the right general liability insurance among other tailored coverages specific to your business. Call InsureWise today or fill out this quick and easy quote form and let us assist you!