How Important is General Liability Insurance
When you think of general liability insurance or business/commercial liability insurance, you’re thinking of the possible claims you can get from risks that are likely to affect your business operations. No doubt, it’s something that you as an employer and business owner need to protect your interests.
Still, not all businesses across the United States are covered by commercial liability insurance. In fact, Insurance Business America stated that small businesses distinctly lack business insurance policies that could protect them from going bankrupt. Reportedly, only 28% of business owners have Business Owners’ Policy or BOP as a bundle of General Liability Insurance.
Certain types of business insurance are usually mandatory. In Florida, purchasing coverage for each aspect of a business is not totally required. Nonetheless, getting your business covered shields you from any possible risks.
Here are the different coverages you should be getting in order to protect your investments in the long run.
Bodily Injury Liability
The law requires this type of business insurance coverage in most states. This coverage basically protects your business from any liability if your business operation has caused physical injuries to another person.
Property Damage Liability
Similar to Bodily Injury Liability, this coverage is a requirement in most states as well. It will help you protect your business by covering the cost of damages to the property of another person after an incident you have been found responsible for.
Personal Injury Liability
This business liability coverage protects you from any lawsuit filed against you due to injury in the form of privacy invasions such as slander, defamation, and copyright infringement. Therefore, this insurance can certainly provide defense for your case.
Medical Payments Coverage
Fortunately, medical payments coverage can supplement the effects of Bodily Injury together with Property Damage Liability, too. This coverage particularly helps you pay the medical expenses for the accident or injuries that happened within your business’ premises.
Tenant’s Legal Liability Coverage
This liability covers rented or owned properties. It protects you from the damages caused to your property or business. However, it excludes the bodily injury and property damage coverage policy.
Know more about getting the right coverage for your business. Contact AIA today for your insurance needs.
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