Owning a small business can be challenging, but it also brings great rewards. In order to optimize the success of your small business, it is important to be properly insured. All small businesses should be protected by a general liability insurance policy. These policies kick in when someone claims your small business is responsible for physical harm or damage they have suffered. If you own a small business, there is no doubt that you should have general liability insurance. Let’s take a look at three scenarios that explain why you need general liability insurance to protect you and your small business.
1. General liability insurance covers medical expenses
- A customer slips and falls in water while walking down the aisle in your store. She breaks her arm, and she has to have surgery to repair it. She sues your small business for the expenses of her medical treatment. If you have general liability insurance, the policy will cover the customer’s medical costs.
2. General liability insurance pays your legal expenses if you are sued.
- Your delivery driver visits a customer’s home to deliver a package. While backing up, he drives into the yard of your customer, drives over their new sprinkler system, and damages it. Your customer sues your small business for the damage the driver caused to his sprinkler system. Your general liability insurance will pay any legal expenses associated with the suit.
3. General liability insurance covers reputational harm.
- You are the owner of a rental property and have renters that have lived there for two years. At the end of the lease, you decide not to renew. The occupants do not wish to move, and they refuse to leave. Eventually, you have to evict them, and the tenants sue you for wrongful eviction. They claim that evicting them has caused their reputations to suffer. Your general liability insurance policy will cover any court costs, fees, or settlements associated with the suit.
As the owner of a small business, you have many responsibilities. Your number one goal is to protect your business and earn a profit. General liability insurance gives you the peace of mind to know that you and your business are protected if a claim for physical injury or damage is filed about your company. Visit saveoninsurance.com or call (205) 988-4346 today to work with one of our independent insurance agents and choose the policy that best protects you and your small business.