General Liability Insurance is the fundamental insurance that most businesses have. It covers many of your interactions with third parties like customers, clients, professionals who service your business, and others. General Liability Insurance covers your business from a lawsuit when…
- Someone other than an employee is injured at your workplace.
- Your business damages a third party's personal property.
- An employee injuries a third party.
- Your business damages the reputation of someone else.
GLI does not cover damage to your own property or injuries to your own employees. Those issues are covered by your Property Insurance and Workers' Compensation Insurance.
General Liability Insurance Helps with Expenses for Lawyers, Truckers, Notaries Public, and Medical Billing Companies
When a customer trips over your welcome mat and breaks their hip, General Liability Insurance can help you with a variety of expenses, including…
- The third party's medical bills as they occur (ambulance, medical stay, surgery, etc.).
- The cost of defending your business in court (lawyer's fees, evidence bills, and other court costs).
- The settlement or judgment from the lawsuit.
- The lost wages you suffer from the time you spend preparing your legal case and defending yourself in court.
Many General Liability Insurance policies will cover the immediate medical cost of your customer who tripped and fell. Insurance companies would rather nip a problem like this in the bud. The thinking is that if they pay for an injured third party's medical bills, they are less likely to have to pay for a lawsuit later.
If your customer does decide to sue your business, General Liability Insurance can help pay for the large legal expense. We all know how expensive legal actions can be. Add to that the cost of a settlement, damages you may have to pay to the injured party, and other legal costs. Pretty soon, you're looking at a bill with five or six digits. It's almost a phone number.
General Liability Insurance for Specialty Services Professionals: Lawyers, Authors, Translators, and Travel Agents
Without liability insurance, your business would have to pay for the lawsuit while it is happening. Imagine your normal business trying to operate while you have to pay tens of thousands of dollars in legal fees.
You know what would happen. The best-case scenario is that you are able to stay afloat while going into debt, working overtime, and cutting loose some employees. The worst-case scenario is bankruptcy.
Not to be all doom and gloom, but these are things that your business needs to be prepared for. A customer trips on a welcome mat. A deliveryman falls on your steps. A client stumbles over a computer cable. All of these things can lead your business to rack up expenses it cannot meet. General Liability Insurance is so prevalent because it protects your business from a wide variety of fairly common accidents.
How Much Liability Insurance Does Your Business Need?
First, check your contracts. Oftentimes, lease agreements and other contracts you may be signing specify that you have a certain amount of General Liability Insurance. You'll want to make sure you have at least enough to cover any contractual requirements.
Second, contact one of our insurance professionals. We'll help you decide how much insurance makes sense for your business. Why should you trust insureon? Won't we try to sell you more insurance than you need? No, that's not our business model.
Unlike many other insurance agencies, insureon works exclusively with small businesses. Our business model is to help small-business owners find insurance that fits their budget and offers the appropriate amount of coverage.
And we do it well. We've insured over 30,000 small businesses like yours. We work with a number of top-rated insurance companies, soliciting quotes for your business. We know that small-business owners don't have the budget to pay for unnecessary insurance policies, so we've specialized in finding the insurance policies that fit your actual business.
Talk with an Agent Trained in Finding General Liability Insurance for a Businesses Like Yours
Insureon trains agents to work specifically in your professional and specialty services industry. After you fill out our quick, online insurance application, you'll hear from an agent who works with other lawyers, legal services, notary publics, travel agents, and specialty service businesses.
Our agents have experience finding insurance for your sector and know what insurance makes the most sense for you.