General Liability Insurance

If you own a business, you cannot put your hard work at unnecessary risk. Without general liability insurance, you are doing just that.

Running a business is a great balancing act. As the owner or operator, you have to ensure your business is thriving so you can pay the bills and the employees. But you also need to pay yourself and be sustainable. 

However, without commercial general liability insurance, you could end up losing everything you have worked so hard to build and earn. Call Lake Region Insurance Agency today and let us walk you through the process of insuring your business, your assets, and you.

What is General Liability Insurance?

General liability insurance, or business liability insurance, is there to protect your business from financial damage or ruin should a lawsuit occur. If a customer or employee sues you, this coverage helps to pay the legal fees and bills associated with the case.

Without this general liability insurance, you could end up paying the legal fees out of pocket as the owner. These expenses can be astronomical and can quickly put you out of business.

Many times this general liability policy combines with the business owners policy, or BOP. Your independent Lake Region broker can ensure you have all the coverage you need.

What Does General Liability Insurance Cover?

As a business owner, general liability insurance is one of the most important coverages you will acquire. A liability claim can be catastrophic for your business if you have to deal with it yourself. These cases regularly bankrupt companies.

A general liability insurance policy will protect you in the event of:

  • Third-Party Bodily Injury – If someone sues you or your business over an injury they sustain on your property, this coverage protects you. If a delivery person or customer falls and gets hurt, this policy can cover their medical bills and the cost of a related lawsuit.
  • Third-Party Property Damage – If you or an employee causes damage to another person’s property, this coverage can pay for that damage. For example, if your equipment breaks someone else’s window, a policy can pay to replace the window.
  • Reputation Damage – If someone sues your business for libel or slander, general liability coverage can pay the legal fees associated with the case. This type of plan can also kick in if another company brings a lawsuit against you for libel or slander.
  • Advertising Damage – If another company says your advertising campaign is too close to theirs and hurting their business, this coverage can pay to help resolve the claim.

Whatever the case, general liability coverage helps your business by helping to cover the costs for:

  • Legal teams that represent you and your business
  • Witness fees
  • Cost of evidence
  • Any judgments or settlements

Call Lake Region Insurance Agency

No one policy covers everything. While general liability insurance does protect you in a wide variety of ways, there are limits. For example, it does not cover injured employees or damage to your business or property.

To be certain you have every protection you deserve, reach out to a Lake Region team member today. We will go over all of your business needs and craft a policy or policies that cover you sufficiently. We are here to serve you.

It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.

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