Business insurance protects companies from financial losses associated with unexpected events, including property damage, lawsuits, loss of income, theft, employee injuries and illnesses, and workers' compensation. Small and medium-sized businesses with greater risks often consider purchasing a business package policy (CPP), which works in a similar way to a BOP, but offers more flexible protection options to meet their increasing levels of risk. General liability insurance is sometimes called “business liability insurance” or “commercial general liability insurance”. If you are planning to rent space for your business, the property management company may ask you to have it.
General liability insurance covers a lot of things for a company, but it doesn't cover business-related car accidents, employee injuries and illnesses, damage to company property, errors in professional services, claims that exceed the policy limit, or illegal acts committed by you or your employees. Without business liability insurance, your LLC would have to pay the high costs of legal defense, judgments and settlements. A general liability insurance policy is basic coverage for your small business, but it won't cover problems such as theft, vandalism, fire, adverse weather conditions, and loss of income. Property insurance also protects against theft and theft, two of the most common claims for small businesses.
Get Forbes Advisor ratings on the best insurance companies and useful information on how to find the best travel, auto, home, health, life, pet and small business coverage for your needs. It's basic coverage for any small business insurance plan that helps pay for medical bills, legal costs, judgments and settlements if you're sued. Business insurance can fill gaps to ensure that both your personal and business assets are fully protected against unexpected catastrophes. General liability insurance is a type of small business insurance that covers your business in the event of accidental injuries and property damage caused to others.
Facing lawsuits, legal settlements and attorney's fees without the help of general liability insurance can be very expensive and even bankrupt a company. Many think they can drive their personal car to work because it's insured, but that can be a costly mistake if you or your employee has an accident. After you buy the insurance required by law, you can find insurance that covers any other business risk. While cyber liability insurance usually covers data loss due to a targeted software attack, electronic data liability insurance ensures data loss when accidental physical damage occurs to a network or storage device.
