Finance, Loans & Insurance
General Liability Insurance Is A Must Have
General Liability Insurance is a type of insurance coverage that is usually obtained by businesses and professionals who are engaging in the types of jobs and activates that may result in them being sued by clients or customers. While it is common to confuse general liability and professional insurance with each other, it is important to note the differences.
Professional insurance makes a lot of sense for doctors, vets and similar types of professionals, while general liability insurance deals with issues such as bodily injury, damaging property, causing personal injuries or having workplace accidents. Many businesses will combine their general liability insurance policy with a property insurance policy, with both falling under the umbrella of business owners’ policies.
The first question people ask is who are the types of professionals that need general liability insurance? First of all, it is important to find a reliable provider of this insurance. Quakerma is a good example of a dedicated, reliable provider of general liability insurance. Not only does this company offer a variety of professional insurance options, but they also ensure that each business is happy with their specifically tailored policy.
We often look to small business owners and contractors as the primary recipients of general liability insurance. Contractors require this type of coverage because the work they engage in is often dangerous and can lead to accidents. Whether one of their job sites results in an injury to an employee, or whether a person passing by gets hurt, the general liability insurance coverage can provide the appropriate protection and assistance to deal with such events.
Small businesses absolutely need general liability insurance too. Sometimes these types of businesses make the mistake of thinking that their profession has nothing to do with possible injuries or accidents. But even a small town restaurant needs liability insurance. What if a customer is burned by a too-hot cup of coffee, or eats a small shard of glass, and ends up in the hospital? They might come back and try to sue your business for medical expenses and lost wages.
If a small business is not protected, it only takes one lawsuit to completely derail your finances. Small businesses often operate on small margins, especially during the first few years. Even a lawsuit that adds up to a few thousand dollars can cause serious problems to their budgets. This is why having the right type of general liability insurance policy makes so much sense.
Both small businesses and contractors need to think about the types and levels of general liability insurance they need. It is often advised that these businesses talk with their competitors and other businesses in their area to get a sense of the depth of policies those businesses are undertaking. But you can also speak with a dedicated professional from an insurance company to ask them for more details about the types of coverages available with general liability insurance. This will help you make an informed and proper final decision.