Small businesses need general liability insurance. If you’re running a startup or a small business, you may feel like only big companies with deep pockets can afford to get commercial insurance. However, given the close relationship between your business and personal assets, it’s much more accurate to say that going without insurance isn’t something your business can afford, not in the long run.
Uninsured Losses Can Kill Your Business
An uninsured loss can be devastating to your business. This will cut into your profits and can hold you financially liable for debts and legal judgments. That’s going to mean more costs and money out of your pocket. By getting liability insurance, you can protect your assets against claims. That’s going to involve paying for premiums to insulate yourself against casualty losses and legal hazards can be the right decision for your business.
How it Happens: Lawsuits and Casualty Losses
A lawsuit or tornado can destroy everything you’ve worked hard for. If you have insurance coverage, though, then you can count on your insurance provider to cover the damages to your business property or to third parties. If your employees get injured on the job or in the course of carrying out their duties for your company, you could end up liable for the medical and treatment expenses, along with other possible damages. Protect your assets from future costs like that by shopping around for the right liability insurance.
General Liability Insurance Coverage: the Basics
Understanding the risks that your company faces will help you figure out which policies best fit your organization’s needs. To get started, look for companies that offer options for general liability insurance in Phoenix. This can offer you protection against third-party claims or damages to your business property. Most companies will include coverage for bodily injuries, damages to a third-party property and personal injury, defense costs and supplemental payments. However, it may not cover workers’ compensation. If you have any damages to your personal property, those won’t be covered under this policy either. You’ll need to get a separate homeowner’s insurance policy.
Choosing a Policy: Going Beyond Basic Coverage
Review the features of the policy carefully. Does it cover all the needs of your business? Think about the risks you’re taking on. Will the policy provide coverage equal to all that? While getting general liability insurance at a minimum is great, you’ll also want to consider the risks unique to your business.
Get your primary coverage in place first. Ask us about our general liability insurance policies in Phoenix at Capital Insurance.
