As a business owner, you may have been told you need commercial liability insurance. However, you might find the term or the specifics of coverage confusing.
Commercial general liability insurance is sometimes abbreviated as liability insurance. Either way, it assists in minimizing your risks associated with damage, accidents and more.
What General Commercial Liability Insurance Covers
What do you get with a general commercial liability insurance policy?
- Protection for your business’ assets. Anything that falls under the category of assets is protected and covered under commercial liability insurance. This includes furniture and technological equipment, which can be expensive to pay for yourself.
- Coverage of property damages and employee injuries. When someone gets hurt on your premises, your commercial general liability insurance will kick in to pay for damages.
- Legal defense. Let’s say your business is sued. Rather than pay out-of-pocket for legal fees, your liability insurance can cover any attorney costs as well as settlement amounts.
- Protection against libel, copyright infringement, etc. Your intellectual property is part of your brand, and you have a right to protect it. In the event of slander, copyright infringement, libel and similar actions, having a comprehensive liability insurance policy will be a lifesaver.
You can add other pieces of coverage to your general commercial liability insurance coverage package, allowing you to create one that’s suitable for your company’s specific needs. This type of customization is best handled with guidance from a trusted insurance agent who can guide you toward the most robust policies for your needs.
Considering Commercial Liability Insurance Costs
Without commercial liability insurance, businesses leave themselves open to serious financial risks. They may even find themselves shut down or forced to close due to significant monetary losses. Even if you have been operating your company without liability insurance, you owe it to yourself to find out how this type of insurance could benefit you in your future goals.
Obtaining a commercial liability insurance quote online will only tell you part of the picture. Online quotes do not allow for the individualization you can get when you sit down with an agent and sift through the vast number of excellent insurance choices and carriers.
When you are ready to discuss commercial liability insurance for your business, please contact Strock Insurance. One appointment at a local central Pennsylvania office will shed light on the correct policies for your budget and needs.
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