16 Dec Why Your Business Needs More Than Just General Liability Insurance
Running a business is complicated, as it requires keeping track of many different things, from employee salaries and benefits to the goods and services that you offer. While general liability insurance can help to protect your business, it’s not quite enough to cover all of those complicated departments, products, and more.
This is why businesses need more than just general liability insurance in order to ensure that everything is properly covered. Instead, companies need an array of insurance products to protect themselves in any situation. Here, we’ll go over many of the options and explain why they’re needed.
General Liability Insurance
General liability insurance is incredibly important. A company needs to have this type of insurance in place, so it’s protected from third-party damages. For example, if your business sells products and someone is injured by the item, then your general liability insurance would kick in and cover what could normally be a business-ending lawsuit. This insurance also covers things like property damage and libel. In general (no pun intended), general liability insurance is designed to cover legal expenses in case of a lawsuit, as well as settlements and damages. But it won’t take care of other issues that may arise as a result of doing business.
Additional Insurance Products
On top of general liability insurance, companies may need other forms of insurance, including:
- Commercial Auto Insurance – If the company owns automobiles, SUVs, trucks, or any other type of vehicles that are used throughout the course of a workday, then the business needs to have commercial auto insurance. This not only covers the vehicle in case of accidents, but also, in most cases, the people in the vehicle and any settlements made in case of injury.
- Workers’ Compensation Insurance – Workers’ compensation insurance is for employees who get injured on the job. The insurance will pay for their medical treatments, as well as any time lost on the job. It’s essential, as it protects the company from having to pay for these things out of pocket.
- Professional Liability Insurance – Also known as Errors and Omissions Insurance, professional liability insurance is designed for doctors, nurses, accountants, and others who operate their own firms or practices, or in the case of doctors, work for larger organizations that require them to have this insurance. It protects the proprietor when professional mistakes are made, covering legal costs and settlements.
- Commercial Property Insurance – While general liability insurance may cover some of the items in the building itself, it may not cover the building. This is where commercial property insurance comes in, as it provides coverage should something happen to the building and the surrounding property owned by the company.
As you can see, there are many different types of business insurance that extend beyond the limits of general liability. So, where do you begin? Start with general liability insurance and then add on additional policies, depending on the nature of your business and the other coverages that you need. There’s nothing like owning a business that’s fully covered which gives you the peace of mind you deserve. Not sure what additional coverages your business needs? Give us a call! We’ll help you protect that business that you’ve worked so hard to build.