Accidents never happen with a bell on the neck. Damages caused due to unforeseen mishaps can have a hard time for the business you gave your best efforts to build up. Even a small mistake can ruin your small business though it doesn’t have to. General liability insurance here plays a major role to protect your business against liability claims.
Importance of General Liability Insurance
Whether you are a startup business owner or run a well-established small business or have a huge organization one thing that plays a major role to protect your business is commercial general liability insurance. Judicial proceedings against your company can not only affect the ultimate result of your business but can also smash up the reputation you have earned. Learning what risks your business may face and getting covered with the right general liability insurance is the right step towards protecting your business from unforeseen risks and safeguard your operations.
Liability, in consideration with your company, refers to the responsibility for damages caused to a third party. Immediately after deciding to launch a small business you are labored under various liability risks. Of course, it is your business and you will never allow it to do anything wrong but still, you may find yourself in trouble with some lawsuit. Your Commercial General Liability Insurance Coverage will in this instance help you overcome the losses you may have to undergo from the liability claims.
About General Liability Insurance
General Liability Insurance California is particularly planned to protect your business from the loss you may experience while being found legally liable for any sort of physical injury or property damage caused to a third party through the product or service you deal with. Besides, it also protects you in the events when you or your professionals are conducting some offsite activities.
To cut the long story short, your liability insurance policy will ease the loss when your business is noted liable for a physical injury or property damage to a third party either onsite or offsite. For an instant instance, imagine a customer visiting your office slips down while moving in. He/she can file a lawsuit against your company for the injury caused.
As per statistics compiled in Canada recently, slips and falls can be the major cause of critical physical injuries. Therefore, it is important to get yourself protected with liability insurance. A physical injury liability implies that some negligently caused injury doesn’t necessarily mean that some recklessness has been done from your business. A person, who is responsible for his/her injury on your property can file a liability complain against your company. For instance, even if your floor or steps aren’t wet, icy, or slippery and a customer still slips or falls you can face legal action.
Physical damages can happen to anyone present at your business. The ‘Anyone’ perhaps can be your customer, employee, vendor, delivery person, maintenance personnel or any other person who is onsite or offsite working with or for you. And, the physical injury liability claims can financially result in huge expenses related to lost wages, medical bills, pain, and other sufferings.
Property damage liability should be your major concern if you are a small business owner. If you are noted to be legally liable for any sort of damage that appeared to a third party’s property, you can face huge legal expenses. This can further establish a negative impact on your prestige with your clientele. General liability insurance for small business is therefore planned to help ease the legal expenses associated with the property liability claims. Like when someone claims that their vehicle was damaged when it was onsite your possession. In such a situation you may need to bear the brunt of a property liability claim. Another example could be an offset event where someone claims while being there that their property was damaged during the event may be by you or some other person in your team you may need to experience a property liability lawsuit.
Accidental occurrences associated with property damage can be grouped with various other types of liability issues in a single claim. Whatever business you run, it is at risk for multiple forms of liability.
The need for General Liability insurance
Many small business owners aren’t aware of the importance of liability insurance. Some of them believe having it could cost them a huge amount. Indeed, the smaller a business is the worse would be the allegation of a liability claim.
Every business should opt for general liability insurance in California to get the best protection against risk. The major results of running your business without the right insurance include-
- Expensive costs involved with the legal proceeding. The lawsuit can further result in huge financial loss.
- Severely damaged reputation in the market. A lawsuit can destroy the confidence your clients and customers have in working with you.
In various cases, people may ask you to provide proof of insurance. While participating in any event like a tradeshow, the venue may request you to provide proof of liability insurance coverage. Moreover, if you are a contractor or a tradesperson, your customers may require to be sure that you are having valid insurance prior allowing you to start the project on their property.
Other insurance options to consider
- Product liability insurance is mostly embedded in a commercial general liability insurance policy. It is vital to precisely check that the CA general liability insurance policy you have will protect you from the risks associated with product liability.
- Cyber attacks are the most common threat to small businesses in particular. Cyber risk and data breach insurance coverage are precisely designed for small businesses that are dependent on technology. The policy helps business owners ease some amount that they may need to spend in the wake of a cyber hack.
- When your clients claim that the advice you offered them has resulted in a financial loss, your professional liability insurance coverage can be of great help to recover yourself from the financial consequences.
- Business owners rely on their technology, tools, and property to run their business successfully. If any of these pieces are damaged your business operations may come to a sudden halt. This is where your property insurance can help you.
- A commercial auto insurance policy is a must to protect the vehicle used by you or your team for the business purpose. Your auto insurance may not help you mitigate the expense spent to repair a damaged commercial vehicle.
General liability insurance doesn’t cover everything. In the insurance industry, you will get various products to buy based on your particular industry and need. You may require to get higher coverage limits than the general liability policy. For this, you may require to get the commercial excess liability insurance. On the other hand, a business owner’s policy coupled with small business general liability insurance California may be the best option to choose to opt for to protect your property.
The right way to ensure that you are protecting your business with the right insurance policy is to visit a qualified agent and discuss your needs with an expert from a well-established insurance company like No Hassle Insurance Agency. Understanding your needs the agent can craft the right policy that can protect your business in the best possible way. Contact us 888-440-4094 or browse our website www.nohassleins.net for more information about the policies that could be right for you.
General Liability Insurance for Real Estate Business
If you run a real estate business, you need to be ready for unforeseen circumstances. Your property can be threatened any day due to any sort of destructive weather or any legal proceedings due to some injuries that might have taken place on your premises. Handling some activities could be out of your control. However, you can still keep yourself prepared by having the right insurance coverage.
Secure your Real Estate Business with General Liability Insurance
If you are in a real estate business, you will not disagree with the fact that it is a huge investment and also a high-risk industry. Establishing, handling, and running this business involves big bucks. Settling down the investors, residents, or other associates are more likely to shoot the pricey lawsuit if you appear negligent in any way to them. Having the right type of insurance is vital to maintain the pace of your real estate business and to keep it from paying huge lawyer fees and adjudications, which may drive your business into a colossal failure.
Moreover, there are various types of insurance policies. Still, general liability insurance is one most critical type of insurance that covers customer injuries if caused in your property, customer property damage, and accident-related lawsuits.
General Liability Insurance for Common Risks
Any business that deals with the public can take advantage of general liability insurance. It guarantees your customers that you are capable of covering the expenses against accidental injury or property damage. The types of claims it includes are-
- Property damage or loss
- Advertising injuries
- Bodily injuries
Bundling can save you Money and Enhance the Coverage
People can save money on their real estate business insurance by tieing up the general liability and the commercial property insurance together in a BOP, i.e., the business owner policy. To be qualified for BOP you typically should-
- Have as little as possible employees
- Have a workplace as small as required
- Operate in a save and low-risk industry
- Have business interruption insurance for less than twelve months
Types of Coverages a General Liability Insurance Offers
Your real estate business can have different risks during regular business activities. However, your general liability insurance protects your business against specific liability claims.
Physical injuries — Chances are always there where some people may get injured when in your office or property. If the person sues you, you may, if held legally liable, need to bare legal and medical expenses. Your general liability insurance can help you cover-
- Fees for attorney
- Medical bills
- Judgments ordered by the court
- Funeral expenses in accidental death
Keep in mind; the policy will not cover work-related injuries to employees. For this, you will have to buy a workers compensation insurance policy.
Property loss or damage — The general liability insurance for real estate business covers damages caused to customer’s property. The policy also covers replacement and repairing charges. For instance, if you accidentally damage a dear sculpture at a client’s property, your insurance will cover the cost of that sculpture or if the client sues you the legal fees. However, the coverage applies to accidents that happen both on-site or off-site.
Advertising injuries — Your real estate business is open to advertising injury claims if you use social media or you advertise for your business. Your general liability insurance will cover the advertising injuries caused accidentally. For instance, you have created a logo that consequently looks like your competitor. Your liability insurance coverage will help you cover the lawsuit charges. Also, the insurance can include legal fees for-
- Libel and slander defamation
- Brand and copyright infringement
Other Insurance Policies to Consider
As read above, general liability insurance covers some common risks, but for complete protection, you also need to consider some other policies.
- Professional Liability Insurance — It is also known as errors and omission insurance. Professional liability insurance can cover the legal fees for the lawsuits incidental to your real estate business decision.
- Commercial Auto Insurance — This policy typically covers payments against accidents, damages, theft, and such for the vehicles your business owns.
- Cyber Liability Insurance — It can help you endure the data breaches and cyberattacks. Cyber liability covers the expenses against client notification, including other costs.
Ultimately, investments done in general liability insurance California is about handling your real estate business and your clients with care. Do proper research and structure a portfolio of the insurance policies that can enhance your business and make things safer and more comfortable for you to handle the business with confidence.