Liability Insurance for Your Business
Get protection for your business. Don’t risk losing your assets just because you didn’t have liability insurance.
Your company faces liability every day. The only way to protect your assets is to carry adequate business liability insurance. Imagine that a customer or client suffers bodily injury while on your business premises, such as in your office or store, or because of the negligence of one of your employees while the employee is working outside of your principal place of business. In such cases, the injured person may be able to collect for medical bills, lost wages, pain and suffering, and other items. Moreover, apart from physical injuries, your business also may be liable for damages for such things as libel, slander, false arrest, and false imprisonment.
Liability Insurance is the First Line of Defense for your Business
General liability insurance is the first line of defense in the event of a third party claim against you or your business. These policies provide coverage for judgments relating to these types of injury lawsuits up to the limits of the policy, as well as covering the cost of defending the lawsuits. The policies cover a range of possible injuries to your clients or customers; for example, slipping and falling at your place of business, or otherwise being harmed by a physical object located on your business premises.
Typical Coverage Amounts
General liability policies typically have dollar limits for each incident, as well as an overall limit for the policy year. For example, a policy may pay up to $1,000,000 per claim and up to a total of $3,000,000 for the policy year. If your business leases its space from someone else, the building owner likely will have liability insurance; however, you can and should still have your own general liability policy.
Liability Insurance Protects You AND Your Business
Most policyholders don’t realize that some amounts awarded in lawsuits usually won’t be covered by a general liability policy (for example, if your business is required to pay punitive damages for willful or malicious actions). Just to be clear, having general liability insurance is a good idea whether or not your business is legally structured to limit personal liability (for example, if your business is a limited liability company or corporation). Even if you are personally protected from liability, a single serious injury suffered by a client or customer could lead to damages that would bankrupt your business if it were uninsured.
Even if you don’t think your business has enough assets to be sued, or if you believe that because your business is incorporated, you’re shielded from personal liability, you still need liability insurance. Why? The answer is quite simple: anyone can be sued. As a matter of fact, the smaller your business is, the more likely it is that you can be held personally liable for legal judgments through your personal assets. Your business needs a dedicated liability policy because of the many inherent risks and potential threats to its successful and continued operation. Pick up the phone and call Elite Insurance Solutions to request a quote from one of our dedicated agents at your earliest convenience. We’d love to have you join the ranks of our many satisfied customers.