Are you looking for ways to ensure that your business is protected from unforeseen events? Do you want to get protection from accidents involving your biggest clients? If so, then you need to learn all that you can about general liability insurance.
Doing so can help you get more peace of mind. Rather than worrying about factors you can’t control, you can protect your companies, reputation, finances, and more. It’s a type of business insurance that every Chicago-based business should have!
But what is general liability insurance? See below for an in-depth guide on what it is and why it’s so important for you to invest in it.
What is General Liability Insurance?
Running a business isn’t for the faint of heart. Each day, you have to balance your business operations, team chemistry, and prioritize customer service above it all.
Even companies with the highest levels of customer service can fall victim to unforeseen circumstances. A few scenarios include:
- An HVAC company’s technician accidentally damaged the client’s property while performing a service
- A company losing a major amount of business due to your advertisement that recommends clients no longer purchase from them
In those moments, it can feel as if everything is coming undone. Not only are they going after your reputation, but they’re also wanting to sue your company for a large sum of money. Thankfully, there is a way to protect yourself and your brand.
General liability insurance is used to protect businesses of all sizes from most liability claims against them. If someone claims that you’re responsible for their injury or financial loss, general liability coverage can make sure you’re protected financially.
Many general liability claims can cost five figures or more to settle. For example, the average cost of a slip and fall settlement is anywhere between $15,000 and $45,000? With the right provider, even that sum of money won’t stress you out.
How Can General Liability Insurance Help?
It’s fair to wonder whether you’ll ever need the insurance that you invest in. But let’s phrase it this way: Ideally, you’re going to be in business for many decades to come. Do you really expect your business model not to have any accidents or hiccups during that time?
General liability insurance bridges the gap between your income and the cost of an unforeseen accident. It’s best known for covering accidents such as:
- Slander against your company’s reputation
- A bodily injury suffered by a client or third party (workers are covered by workers’ comp)
- Damage to your business or your client’s property
- Accidents or negligent actions that your workers make
- Injury or setbacks caused by your advertisements
Your finances aren’t the only thing that general liability coverage can save. it can also help you nurture the relationship between you and your biggest clients.
For example, if one of your most-prized clients slips and falls on your property, you’ll have the insurance to make sure all of their medical bills and lost wages are covered.
Better yet, the client can file a claim through your trusted provider, removing you from the equation entirely.
How to Find the Right General Liability Insurance Coverage
Just like any other product, your general liability insurance is only as good as the provider that you team up with. See below for a list of things you should look for in your provider.
Find a Reputable Resource
What if you could cut out the time it takes to look for coverage? What if, instead of combing through different quotes, you could simply compare the quotes in one fell swoop?
That’s the benefit you award yourself when you use Insured ASAP. We can help you compare rates while saving time and money off of your next form of coverage. Whether you need personal or commercial coverage, we’ve got you covered.
Your affordable general liability coverage is only seconds away! We’ll help you get a quote that will help you maximize the return on your investment.
Compare the Quotes
When looking for a new car, you (hopefully) wouldn’t just drive up to the nearest dealer and purchase the first vehicle that you saw. You’ll do your research and find the best value for your money.
It’s the same mindset with business insurance. By taking initiative, you can quickly compare quotes from the best Chicago providers and buy business insurance that meets your every need.
Using Insured ASAP, you can compare those quotes without dedicating an entire day to the task. We will help you find out how affordable general liability insurance really can be!
Assess Your Needs
Every company’s needs are different. If you wish to make the most of your coverage, you have to find one that fits like a glove.
We’ll help you find the best quotes and compare the type of coverage that’s being offered. How much can you get for the money?
More importantly, does your company actually need the amount of coverage they’re offering? If it’s more than you feel is necessary, then you could be paying extra for no reason. That said, if you work in an industry with higher risk, you may want all the coverage that you can get.
Invest in General Liability Insurance for Your Needs
Now that you have seen an in-depth answer to the question, “What is general liability insurance?” Be sure to use this information wisely.
Take the time to read this article for more information on the surprising things that are affecting your insurance premiums. To get started, give us a call at 800-641-7488 and we will be happy to assist you further.