Business owners are offered countless insurance products, but what is general liability and why do you need it? We know that accidents happen, no matter how much you try to avoid them. We are here so that if you find yourself with an accident on your businesses property, you will know how to handle it. General liability is all about protecting your company assets if there is a third-party lawsuit filed against your business due to a negligent act. Some of the accidents that could occur are as follows:
- A customer trips and falls on your premises, sustaining injuries requiring medical treatment.
- Your employee accidentally damages your client’s property on a job site.
- A hot plate in the office kitchen causes a fire resulting damage to your rented office space.
The reason for having General Liability Insurance is that it will ultimately help cover the medical expenses, attorney fees and monetary damages that can result from either bodily or property damages for which your company may have caused. General liability is a type of coverage that is beneficial to have due to its application for a wide range of situations. The policy includes:
- Medical payments for injuries to a third party sustained on your premises or job site.
- Property damage coverage for damages caused by your company’s operations.
- Defense costs for a frivolous lawsuit brought against your company
However, not everything can be covered under the Liability Policy. Employee medical expenses are one of the main examples of what is not covered under the liability policy. Some other examples are:
- A company vehicle causes an accident and there are damages to others
- An Employee is injured while working in the office
It is key to remember that when it comes to general liability, it is designed to only cover the harm that was done to a third party by negligent acts of your employees.
Is General Liability for me? If so, how much should I get?
It all comes down to the business itself and the perceived risk involved in it and any contractual obligations your business may have. For example, someone who runs a construction company would have a much higher risk as opposed to a graphic design company.
We get that every business operates in different ways and we make sure to understand all of the fine print about your New York business. In order to make sure you are getting the right coverage for your business, we encourage to reach out and check with a professional and licensed agent. Our New York licensed commercial insurance agents work with national, regional, and specialty insurance companies to provide the most comprehensive policies at costs that are affordable.