Accidents, injuries, and calamities happen, and they can result in very expensive charges for the entire company. As an example, customers can get hurt while using the products you’re selling, and it’s possible to spill some oil over the goods that are on display on the racks. Lawsuits for neglect may also occur and this is where insurance can be essential.
So, what exactly is general liability insurance, and what does it mean for businesses and contractors? This type of coverage generally covers the claims for property damage and property injuries that may result from services, operations, and products. Without this, a single complaint may bankrupt a company, so pre-need is a must. See more about damages to the property at this site here.
What to Know about the Package?
GLI will help cover various claims of an accident that happened during a business operation. If you don’t have this, you may be paying out-of-pocket costs for the treatment, hospital stays, and medications of the personnel involved. Some inclusions are the following:
-Third-Party Injuries: When customers fall or slip inside a brick-and-mortar shop, businesses can receive a lawsuit for failing to provide a safe environment in general. Insurance pays the bills with injury liability protection.
-Damage in the Home of the Clients: While working on a roof or fixing the customer’s HVAC, the workers may risk damaging the other belongings.
Be aware that this is only a limited type and there are others out there that provide more comprehensive claims when it comes to liabilities but here are some features to know about them.
-Helps businesses save money over the long run especially when it comes to paying expensive attorneys and lawsuit defenses.
-Assure clients that the services or jobs will be finished regardless of the unexpected things that can occur.
-Help employees get treatment, surgery, and other medical procedures when work-related illnesses and injuries happen.
-Pay for the customers’ bills and other related expenses when proven that the business’s products and services hurt them.
Why It’s Important for Small Businesses?
For those owners who are just starting with their new business venture, it can be ideal for them to get covered before anything else so their growth will be seamless even if there are hiccups along the way. They should secure their insurance from www.contractorbond.org and prevent spending a lot of costs on all kinds of events that may happen between the business and the customers. Other reasons are the following:
1. Save your Livelihood
Don’t let accidents discourage you as well as common situations to force you out of business. Instead, be protected at all costs, even if you’re working on somebody’s property. Got a lawnmower business where the weed eater accidentally damaged a wooden fence? Not an issue at all! At least you have the funds to get those repaired in no time, so your clients will be satisfied.
Your livelihood is on the line, and don’t let the failures and expensive liabilities discourage you. Meet the parties involved and represent your business accordingly with the help of insurance.
2. Sign Leases on Buildings
Perhaps you saw a commercial space where there’s lots of traffic, and you would want to operate on that vacant stall. Owners of these buildings will require a business owner to present at least a certificate of your coverage before you can become one of the tenants. The entire point is to get the paperwork done and have the essentials ready before you even sign the fine print.
For contractors that are covered in 1099, getting the right coverage will also be a good idea. Professional services can also receive lawsuits just like any other businesses, and if you’re not prepared for this, you might be closing your doors before you even get recognized.
Plumbers, graphic designers, painters, carpenters, construction workers, trainers, stylists, and cleaning services may all benefit from comprehensive insurance. Get it from trustworthy providers and make sure that you’re getting a cost-effective solution.
Also, you may want to add workers’ compensation that can provide benefits in cases of bodily injury, illness, etc. Other alternatives are business income, errors & omissions, as well as workers’ comp. The rates may vary, but the price may depend on where you work, exposure to risks, your overall experience, deductible amount, and coverage limit. Talk to an agent today and see what are the options for you.