You need general liability insurance for your business regardless of whether you are a one-man operation or a medium-sized business with a hundred employees.
This form of business insurance protects you against an array of lawsuits. Do not underestimate such lawsuits. If you lose a lawsuit, your business might have to close its doors.
Why General Liability Protection is so Important
Think of all the things that happen in the course of business. Customers walk through your store, use your products and/or rely on your services. If a customer endures pain or suffering in any fashion, he has the potential to sue your business.
Injuries can result from all sorts of different situations. Perhaps your store floor is wet or sticky and causes a customer to fall. Maybe one of the products you sell is defective and harms the customer in some manner.
General liability insurance provides the coverage your business needs to avoid costly claims involving bodily injury and property damage.
The Many Costs Involved in a Lawsuit
If your business faces lawsuit and you lose, you must pay damages. If the damages are significant, you might have to close the business.
Even the investigation of the lawsuit's details is a costly endeavor. Add in the cost of attorneys along with a possible settlement and it is easy to see why many companies shutter after a lawsuit. You can avoid this nightmare by securing general liability insurance. This important form of insurance can cover the cost of the investigation, your legal defense, settlement costs and even protection against damages awarded by the court.
Examples of how General Liability Insurance Protects Companies
Consider a situation in which a customer walks into your business. He opens the door, walks in and trips over a misplaced product on the floor. He suffers a back fracture as a result of the fall and requires extensive medical treatment. A general liability policy might cover these medical expenses and a potential settlement so your business isn't on the hook for thousands or tens of thousands of dollars.
Consider an instance in which one of your products endures damage during shipping. This damage causes the product to malfunction when the customer uses it. The malfunction results in severe cuts to the customer's midsection and legs. He requires medical treatment along with medical equipment for mobility purposes. If you do not have general liability insurance and settle or lose the lawsuit, your company will be on the hook for all associated costs. These expenses might be enough to put you out of business.
We've got you covered. Pfenninger, Claxton, & Estelle Insurance Group can help you get a business insurance policy that effectively covers your business. Call us at 317.398.9797 for more information.