Protecting Your Company With Liability Coverage
There are many liabilities that businesses can face. Protecting the enterprise against the risks that these liabilities can pose will be essential for giving the enterprise the best chance of being successful. General commercial liability insurance can be an important tool for limiting the company's exposure to these risks.
Does General Liability Coverage Only Protect Against Physical Risks?
There is an assumption that general liability coverage will only be able to protect the business against physical accidents that occur on the premises. In reality, this is not the case as many of these policies will also cover potential advertising liabilities. These liabilities can include problems that may range from copyright issues to defamation. The various protections that can be offered by this coverage can make it among the most valuable types of insurance coverage that your business can carry. In fact, there are some communities that legally require businesses to carry this type of coverage.
When Should You Look To Update Your General Liability Coverage?
Periodically reviewing your insurance coverage and assessing whether it meets your needs will need to be something that you do on a regular basis. Business leaders will often fail to consider the need to assess their coverage levels, which can lead to their company being dangerously underinsured. In addition to allowing you to update the coverage that you have, these assessments can also represent an opportunity for you to get a better deal on your general liability coverage, which may save your company substantial amounts over the course of the policy. Ideally, these reviews should be conducted every year, but you may want to do it sooner if your business makes a major change that could increase its liability exposure.
Will Your General Liability Coverage Protect You Against Professional Errors And Mistakes?
For consultants and other professionals, there will always be a risk of them making a mistake when performing services for their clients. This may be severe enough to expose them to liabilities for the damages that their client suffered as a result. Unfortunately, a general liability policy is unlikely to provide this type of protection. Rather, you will want to carry a separate policy designed for errors and omissions coverage. Fortunately, many insurance carriers can allow businesses to bundle the various types of coverage that they will need to carry to make paying for this protection convenient and as affordable as possible. This can be an essential benefit for small businesses that need to keep costs low without sacrificing the quality of their coverage.
Reach out to an insurance company near you for general liability insurance.