General liability insurance is a necessity for any small business to help protect against financial losses due to claims of negligence, property damage, and bodily injury. By having this coverage in place, you can rest assured that you and your business are protected from any unexpected financial losses.

But is general liability insurance worth investing in? How can your business benefit from it? In this guide, we explore exactly how and why general liability insurance matters for every kind of business.

What Does General Liability Insurance Cover?

General liability insurance covers a wide range of potential risks and liabilities. It provides protection for your business in the event of a claim for:

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  Bodily injury: This covers any injuries to people that occur on your premises or as a result of your business activities.
• Property damage: This covers any damage to property that is caused by your business activities.
• Personal and advertising injury: This covers any claims of libel, slander, or copyright infringement that may arise from your advertising.
• Medical payments: This covers any medical expenses for people who are injured on your premises.

It also covers defense costs related to these claims, as well as any settlements or judgments. This type of policy is a great way to protect your business from the financial burden of certain types of claims and damages.

However, it’s important to note that a general liability policy doesn’t cover everything. It doesn’t provide coverage for claims related to professional negligence, employment practices, or cyber liability. It also doesn’t cover any damage that you cause to your own property or any property belonging to others.

You might want to have other forms of insurance in your arsenal to make sure your business is covered in all aspects.

Who Needs Liability Insurance?

Any business, regardless of size or industry, should consider having a general liability policy in place. It’s one of the most important types of insurance to have, as it can provide protection from a variety of potential risks.

Having a general liability policy in place can help protect your business from financial losses due to claims of bodily injury, property damage, and personal and advertising injury. It can also help cover the cost of defense if you’re sued over any of these types of claims.

Even if you’re a small business, it’s important to have a general liability policy in place. Without it, you could be left vulnerable to financial losses due to negligence claims or other liabilities.

What Other Insurance Options Should You Consider?

In addition to general liability insurance, other types of insurance may benefit your business. For example, you may consider commercial property insurance to protect your business’s physical assets, such as buildings and equipment.

You may also want to consider workers’ compensation insurance to protect your business if an employee is injured while on the job. 

Conclusion

General liability insurance is an important and necessary form of coverage for businesses of all sizes. It helps protect your business from various risks, including bodily injury and property damage. However, it’s important to research your options and find a policy that meets your business’s needs.

The Oakley Agency will help you get the coverage that your business needs. We are one of the best insurance companies in Alabama that aim to make asset protection simple and easy. Get in touch with us today to learn how.