What is general liability insurance?
General liability insurance helps cover up the costs for the property of health damage claims against the business. In addition, general liability insurances provide financial support and cover up the potential risks of business like customer property damage, advertising injury, or bodily injury resulting from the business product, service, or operation. This also protects the businesses during lawsuits and helps in qualifying for leases and contracts.
Is it essential? Do all businesses need liability insurance? Many businesses can not afford to finance the property damages or injuries caused by their products or services. But these insurance policies will allow them to provide financial support to the business and the customer.
Every business requires a general liability insurance policy. It is not a compulsion but to be on the safe side isn’t that bad after all. If you own a business, then what are you waiting for? Check out the latest insurance policies. And secure your business at affordable, easy instalments.
Are general commercial liability and general liability the same?
Well, no General Liability and Professional or Commercial General Liability are two different insurances. The difference lies in the types of risks they cover. General liability will protect against the physical injuries done to the people and the property damage caused by the business.
But commercial or professional liability will cover negligence that is related to professional service or advice. So which one should the businesses have? Well, this answer depends on which liability insurance the client might require the business to carry. Mainly small businesses only require general liability insurance, but they might need both professional and general insurance as the business grows.
Do we need general liability insurance even if we work from home?
Yes, no matter where the business is operating, your business still needs protection. Having insurance can help you save a lot of money, and you can easily counter business-related issues such as injuries and property damages. There are various policies that you can check and choose the one most suited for you.