General Liability Insurance with Blue Lion Insurance Advisors, LLC located in Red Bank NJ
General Liability Insurance
As a business owner, you’re responsible for providing quality products and services. You’re also accountable to your customers, clients, vendors, subcontractors and other non-employees. But, the unforeseen usually occurs without warning. Without commercial general liability insurance, you could find yourself having to deal with:
- Claims that your business damaged someone’s property or caused bodily harm
- Lawsuits or claims that your business or employees damaged the reputation of your competition, customers etc.
- Claims that your business infringed copyrights in advertisements or put up misleading ads
- Medical expenses payable in case someone sustained an injury at your business
- Claims arising from damage to property that you rent
Consequently, paying for these expenses might involve selling your personal and business assets. Hence, if you want to avoid this situation, consider obtaining Commercial General Liability Insurance.
What is Commercial General Liability Insurance?
Commercial General Liability (or Business Liability) Insurance provides coverage for lawsuits related to bodily injuries and property damage, for which your business is liable. Similarly, your small business liability insurance policy also covers:
- Immediate medical expenses
- The cost of legal representation
- Court expenses (including witness fees, evidence expenses etc.)
- Settlements and,
- The final amount of damages that you are liable for paying to the claimant (if the case goes to trial and you’re liable for negligence or wrongdoing)
Furthermore, your commercial liability insurance could also provide cover from:
- Lawsuits arising from advertising injuries, reputational harm etc. and,
- Lawsuits arising from product liability
What is the Likelihood that Someone Could Sue Your Business?
It might be tempting to think that no one could ever sue you. Unfortunately, that is not a reality. In an increasingly litigious society, lawsuits are an intrinsic part of the business world. Hence, no commercial entity can do without Commercial General Liability Insurance nowadays. A Small Business Administration study indicated that:
Lawsuits against small businesses do not only result in financial loss, but substantial emotional hardships as well
- The legal costs for litigation ranged from $3,000 to $150,000
- The payment of damages nearly put several small business owners out of business and,
- It took business owners a long time to rebuild the business and recoup their losses
A general liability insurance policy can act as a safety net when things go wrong. This is especially so if you don’t have deep pockets.
The Cost and Benefits of Commercial General Liability Insurance
Contrary to popular perception, general liability business insurance for small businesses is immensely affordable. This is especially so if you operate a low-risk business. For instance, construction companies might have to pay higher premiums as opposed to consultancy firms. The cost of this insurance usually depends on factors such as:
- The exposure levels of your business
- Your location and,
- The number of employees in your business
Having business liability insurance can affect the reputation of your business positively. Above all, having liability insurance highlights your willingness to assume responsibility for accidents occurring on your property. It indicates that you intend to be in business for a long time. In some cases, it could increase your client contracts too. This is because some clients might want you to obtain this insurance before you can work with them.
Do You Need Commercial General Liability Insurance?
You should purchase commercial general liability insurance if you (or your employees):
- Represent your client’s business
- Meet your clients face-to-face
- Work on (or with) third-party property or equipment
- Use third-party locations for various business activities or,
- Need company liability insurance to sign commercial leases and client contracts
The next step is easy!
Call us today at (732) 649-1600 to learn how our advisors could get you the right coverage, at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.