General liability insurance is an insurance coverage which offers assurance from several claims. They include Require this insurance contrary to the belief that they are better suited for BOP. This is because even with property insurance in place with most commercial buildings, you will still be exposed to a great deal or risks as a contractor on the job. You are therefore better off with the cover in case the unexpected happens.
The general liability insurance comes in handy for business owners with commercial buildings or personal property such as storage facilities or garages among others. It gives them the peace of mind as an additional protective tool to already existing insurance covers or policies for the business.
What does it cover?
Under the general liability insurance, financial costs that are associated with property damage and bodily injury on your premises are covered. The same in a client’s location are still covered. The insurance will take care of any medical costs and legal costs should the injured person sue you.
For instance, if a client was visiting your business, unfortunately, ends up tripping and getting injured, he can sue you. The insurance takes the worries off your shoulders.
The insurance also covers damages and injuries caused by your employees when working on the company’s behalf. It can be damage on your property or on the property of your client you are given responsibility for. It covers any court costs, attorney fees, and judgment related fees in case there is a lawsuit.
What it doesn’t cover
When going for general liability insurance, it is important to find out what it does not cover. For instance, physical damage to a client’s computer system by your employees will not be covered by the policy. You might need a different insurance policy for that.
This insurance also excludes claims by a client over poorly delivered services from you that led to financial loss suffering of the client. This is usually under the professional liability. Most people mistake what the insurance covers and it is important that you get enlightened before seeking a good policy for your needs.