What is General Liability Insurance? Why it is important for Small Businesses & Brands?

If you are a budding businessman, then general liability insurance is what you should opt for at any cost. It is true that availing of insurance means spending extra bucks, but at the same time, it is also true that life is very unpredictable. You never know what kind of issues your business may witness in the future. Thus, it is important to have small business liability insurance. Still not convinced? Read the write-up for more details.

What is General Liability Insurance?

Liability insurance for brands, also known as business or general liability insurance, is meant for protecting a business owner and the business from unseen threats and “general” claims involving property damage and bodily injuries. It is the best option for covering up medical expenses and attorney charges, for which the company may be lawfully accountable. In other words, it is a type of insurance that offers security against accusations that a business may get for causing losses, harm, and damages.

Why Is General Liability Insurance Important For Small Businesses and Brands?

Small business liability insurance is vital for start-ups and small brands for availing financial and legal security during unfortunate situations. It not only offers crucial protection against the high cost of lawsuits but as well allows business owners to secure contracts and leases. Even when a business is not directly responsible for an accident, a customer/s can still sue the organization for the incident. For example, if a customer slips off in your office and gets seriously injured, then you can be held responsible for her/his medical expenditures, as the incident took place in your office. This is a small example, but at times, without prior knowledge, such an accident can happen that the incident can easily ruin the reputation of a brand or make a business undergo heavy loss. Furthermore, it also protects the organization from copyright infringement. Thus liability insurance for brands can help in managing the damage that happened without endangering the brand image.

General Liability Insurance Helps Pay the Following –
• Customer injuries that take place in the office or shop
• Accidental losses caused to customer’s property
• Publicity that ruins a competitor’s image
• Mistakes that harm a client financially
• Incidents related to alcohol consumption (in case business deals with alcohol)

Thus it can be concluded that, in order to maintain distance from lawsuits and third-party claims or losses, it is always wise to invest in general/small business liability insurance. Join hands with independent insurance agents and brokers of Louisiana and lead a tense-free life!

The original source is here: https://insuranceagencycovington.wordpress.com/2021/10/04/what-is-general-liability-insurance-why-it-is-important-for-small-businesses-brands/