A business is all about planning and executing the plans. However, even the best of the best plans can go haywire when accidents happen. Accidents can happen onsite, offsite, with customers and with employees. To handle this, the best business plan must include business general liability insurance.
Business general liability insurance will protect a business against attorney fees, damages and medical expenses that it is liable for. Depending on your business needs, at its various stages, you would need different types of coverage. A reliable and reputable provider will be able to help you obtain the best policy.
Most known and even unknown risks of a business are generally covered by business general liability insurance. It covers the business, its owner, and the employees against property damage, bodily injury, court judgments, litigation and out-of-court settlements. Other things that the policy covers are alcohol related accidents (office party) and advertising injuries (copyright violations, misleading or false ads, slander and libel). If the business is renting its premises, the policy will cover any damage to the property.
The coverage need of a business is determined by three factors:
A business with low risk can go for a business owner’s policy, which includes property insurance and general liability. Since the general liability coverage portion of this policy is limited, high-risk businesses cannot benefit much from this policy. A high-risk business can get umbrella or excess insurance in addition to its business general liability insurance to get more cover for its needs.