These policies cover the legal fees associated with defending your company in court and covering medical expenses. They also help to pay for attorney fees, settlements, and investigations. In some cases, a lawsuit will cost upwards of $500,000, so it's worth getting a general liability policy for your business to protect yourself against financial disaster. Read on for five reasons to get commercial general liability insurance today.
First and foremost, you can protect your business assets. Whether it's a broken vase or an employee's slip and fall, general liability insurance will help you cover the costs of such events. It also helps you keep your head above water in case you're sued by a third party. By protecting yourself, you can focus on growing your business instead of worrying about the consequences. Listed below are some of the benefits of general liability insurance.
A lawsuit can cost you thousands of dollars. Even if the claim doesn't go to court, legal counsel can cost upwards of $100 an hour. And court costs can go up to seventy-five thousand dollars if the lawsuit goes to trial. Despite this, a lawsuit can cost a business thousands of dollars, even if it is ultimately dismissed. Without general liability insurance, you'll have to hire a lawyer and pay court costs, which could wipe out your business's profits. Furthermore, you may lose clients and customers to the competition.
Lastly, general liability insurance protects your commercial building and personal property. By failing to protect your clients and employees, you'll have to bear the financial costs of any claims made against your company. This insurance also protects you from lawsuits. Despite the benefits of general liability insurance, it is important to choose a level of coverage that matches the level of risk you face. This insurance is an absolute must for all businesses.
CGL coverage C covers bodily injury claims by third parties. Typically, this type of coverage pays for smaller injuries. This type of coverage is often referred to as "goodwill coverage" as it protects your reputation. Moreover, this type of policy protects you from lawsuits that result from negligence or malpractice on your part. Moreover, CGL insurance is essential for small businesses that work directly with clients.
The cost of general liability insurance varies according to where you live and the type of business you run. Construction companies will pay a higher premium than florists. Rates will also vary based on how much coverage you need. Some insurers, such as Huckleberry, offer policies starting as low as $34 a month. Once you have a clear idea of the cost of general liability insurance, you can compare quotes and select the most suitable policy for your business.
A lawsuit is very expensive, and without general liability insurance, you could be responsible for several thousand dollars in legal fees. Legal counsel is often over $100 an hour, and a claim can cost up to $75,000 if it goes to court. Even if the lawsuit is settled out of court, it could still cost you several thousand dollars. Without general liability insurance, your business is not only exposed to financial risk, but also risks losing out on valuable clients.