The Importance Of General Liability Insurance Protection

General liability insurance can help your business protect against unexpected damages in the event that a lawsuit is filed against you. Learn more about what general liability insurance is, how to find the best policy for your company, and how to get started protecting your business today.

What is General Liability Insurance?

General liability insurance is a type of insurance that provides protection to individuals and businesses from financial losses caused by lawsuits.

General liability insurance from Texas can help protect you and your business from costly lawsuits, including those filed by personal injury or wrongful death plaintiffs.

The main types of general liability insurance are: commercial general liability, property damage, and product liability.

Each has different benefits and limits on coverage. Make sure you understand the specific benefits and limits of each policy before you buy it.

Why you need general liability insurance

The general liability insurance protects you from financial losses that may occur as a result of someone’s negligence. It won’t provide coverage against cases such as this Nan Inc lawsuit that we’ve discussed before. This type of coverage can help protect your business from lawsuits, including those related to personal injury and property damage.

If you are ever sued for damages, having general liability insurance in place can help protect your assets and ensure that you are able to pay any resulting judgments. Additionally, general liability insurance can help shield your business from potential financial fallout related to investigations or litigation.

While not mandatory, having general liability insurance is strongly recommended for businesses of all sizes. Without it, you may be vulnerable to financial losses should someone injure or damage someone else as a result of your business’ conduct. In addition, general liability coverage can provide peace of mind during investigations and litigation by shielding your business from any potential financial fallout.

Types of Coverage

General liability insurance is one of the most important types of insurance a business can have. It covers you and your employees if someone is injured or damages property because of something you did or didn’t do.

There are a few different types of coverages you may want to consider::

1. Slip and fall coverage: This covers you if someone trips and falls on your property, leading to an injury.

2. Product liability coverage: This covers you if someone gets injured as a result of using or being exposed to something that you produced or sold.

3. Employer’s liability coverage: This covers you for lawsuits filed by people who were injured while working for you, whether they were hired full-time or part-time.

4. Automobile liability coverage: If someone is injured while driving in your parking lot, this type of coverage can help pay for their damages.

How to find the best coverage options

When you’re shopping for insurance, it’s important to understand the different types of coverage and what they offer. General liability insurance is one type of coverage that can protect you from personal injury lawsuits. 

To find the best general liability insurance policy for your needs, consider the following factors: 

1. Coverage amount: The coverage amount is the maximum dollar amount that the policy will pay in a lawsuit settlement or jury verdict. You’ll want to choose a policy with a high coverage amount to protect you from large financial losses.

2. Limits on damages: Most policies have limits on the amount of damages that you can receive in a lawsuit. This limit helps to protect you from becoming financially overwhelmed if someone files a lawsuit against you and wins.

3. Deductibles: A policy may also have a deductible, which is the amount of money that you must pay before the insurance company pays any claims on your behalf in a lawsuit. A low deductible decreases your risk of having to pay out a large sum of money in case of a lawsuit, but it may also require you to spend more money on insurance premiums each month. 

4. Claims exclusions: Many policies have specific exclusions, or limitations, on coverage. For example, some policies will not cover injuries that occur while you are working in the military or while you are driving your car to work.

5. Policy types: There are different types of policies available and these have different coverage amounts and limits of claims that they pay. Some policies may only offer liability coverage, which protects you from lawsuits arising from an accident; others may also offer medical insurance, personal injury protection (PIP) and/or loss-of-income coverage.

6. Co-pays vs deductible: Some policies don’t require you to pay a deductible before medical expenses are covered by your insurance, but require that you pay a certain amount per day for doctor visits, medication and other medical expenses called co -pays.

Why a professional agent will help you find the best coverage

A professional insurance agent can help you identify the best form of general liability insurance for your business. General liability insurance helps protect businesses from lawsuits that may arise from their activities. A professional agent can help you compare coverage and rates, and can recommend a policy that meets your specific needs.