Most business insurance packages include general liability insurance because it can help cover the daily risks many small business owners face.
Who Needs a General Liability Policy
Although it isn’t usually required by law, there are many good reasons to ensure you have sufficient general liability coverage. Some industries need to be especially concerned with this because they have a higher risk profile for certain potential lawsuits.
Contractors and Construction Industry
Often, construction professionals are required to carry general liability insurance to get professional licenses or contracts for specific jobs. This is because you use powerful machinery and tools, which increases the risk of property damage and injury to other people.
Restaurants and Food Service
Restaurant owners often worry about slip-and-fall accidents. You deal with oils and other liquids that can cause slippery floors. When you mop the floors, they’re slippery. General liability can help cover medical payments and lawsuit expenses.
Retail and E-Commerce
Retail business owners may find themselves on the receiving end of a product liability lawsuit. Should this happen, they will be grateful for their general liability policy.
Gyms and Fitness Trainers
Because you are working with the public directly, and there is the risk of injury in physical challenges posed by training, personal trainers might need to be policyholders for their professional certifications. It may also be required if they work at a gym.
Any time you work in someone’s home, you are at risk for liability. What if you accidentally break or damage the homeowner’s property while working? General liability can protect cleaners from financial losses.
Other Benefits of General Liability Coverage
Protection from lawsuits isn’t the only benefit of general liability insurance. It can make your day-to-day business operations better.
Acquire Better Contracts
Having general liability insurance shows clients that your business is trustworthy and that you will take responsibility for your mistakes. In addition, it can give you a competitive advantage if a potential client chooses between your business and another business that doesn’t have the coverage. Many larger clients also require coverage before signing a contract with you.
Stay In Compliance
Many states and cities will only give you a business permit if you have an active general liability insurance policy with a certificate of insurance. Also, you might be required to keep your insurance active if your business is certified or accredited by a professional organization.
Your Commercial Lease Might Require It
If you plan to lease commercial space, property owners may ask to see your certificate of insurance. General liability is often required because it shows you will have financial protection covering expenses related to customer injuries at your leased space.
General Liability Insurance Can Give You Peace Of Mind
Rather than worrying about all the things that can go wrong each day, you can focus on growing your business.
Get Peace of Mind
Protect yourself with adequate insurance. Contact the independent insurance agents at Hermann Insurance Services to find out what you need for coverage. We’re here for you!