General liability is a type of insurance that is designed to protect businesses from claims leveraged by the general public in regards to illness, injury, and damaged property. It is an absolute necessity for all businesses to have general liability insurance. However, is the coverage that this indemnity provides enough to protect your company from all manner of incidents? Well, that’s exactly what we’re going to be discussing in our article today. Read on to find out more and whether your business is suitably protected or not.
What is Covered?
As we mentioned before, general liability will help to safeguard your business from claims made against it by the public. But what are the most common claims made by clients and customers? Does this type of indemnity cover them? Well, some of the most popular claims that people make (in our increasingly litigious society) include accusations of bodily injury, property damage, advertising harm and slander, libel, or defamation.
Luckily for businesses with general liability insurance, they will be suitably covered for these incidents. If a client claimed they slipped and injured themselves whilst on your business premises, for example, your company wouldn’t be held responsible for paying their medical bills. Instead, your general liability indemnity should cover that!
What Isn’t Covered?
Though general liability insurance covers a whole manner of scenarios, it simply cannot account for everything. Therefore, to know whether your business is suitably protected by general liability, you need to find out what ISN’T covered by this type of indemnity, too. Luckily, that’s what we are here for.
For starters, general liability does not cover anything regarding the tools or equipment that your company uses. If you are a personal trainer, for example, and your gear is damaged or stolen, then your insurance will not cover the costs of replacing it. As general liability only pertains to the general public’s actions, this insurance also cannot be used as professional liability indemnity. This means that clients can accuse you of giving bad advice, making a mistake, missing deadlines, or causing them financial harm – and you wouldn’t have insurance to protect you from these claims.
Moreover, you are not covered when it comes to workers’ compensation. Resultantly, if any of your employees are injured whilst working for you, you will have to pay the full brunt of their expensive medical bills, among other things. For driving-orientated businesses, any injuries or damages that are sustained in your company cars will not be covered by general liability insurance, either.
Getting the Insurance That You Need
Essentially, general liability insurance will cover all the basics. For most office-based businesses, this will be enough to protect them against the majority of legal claims. However, for companies that work in specialized industries, they will likely need further coverage in addition to their general liability insurance. Do plenty of research and find the insurance policies which are designed specifically for your field and the hazards of your profession.
We hope you found this article helpful. Keep this information in mind to make sure your business is sufficiently covered.
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