When you start your own business, you may have a clear picture of how you want it to work. Problems that can come up may not be in the forefront of your mind. Every business owner needs some kind of liability coverage, though. If anyone is injured on your property or if you are sued, you may need insurance that covers the costs of handling the issue.
What General Liability Covers
Overall, legal costs comprise the bulk of liability insurance meaning. A general liability policy is a good place to start. The experts at U.S. Risk programs break down general liability coverage into several elements:
- Personal injury that occurs on your commercial property
- Property damage caused by employees
- Legal expenses and court costs associated with these incidents
- Settlements awarded to other parties
What General Liability Doesn’t Cover
While general liability is important, it’s not the only policy you need to protect your business in all situations wherein accidents could occur. If an employee is injured on the job, for example, workers’ compensation coverage is necessary. If the property that is damaged is a vehicle that you or a representative of your company is driving, your commercial auto insurance is the policy under which you can file a claim.
General liability is an important part of your business coverage. While you may hope you never need it, it can save you a lot of money in the event of an accident.