Why Every Business Needs General Liability Insurance

general liability business insurance

Whether you are starting a new company, have been in business for decades, or are purchasing a company from someone else and making it your own, one thing your business cannot succeed without is general liability insurance. While you may already know that, many business owners and potential business owners fail to realize the importance of general liability, and how it can protect their investments.

Why It’s Called Liability

As the name suggests, liability insurance protects your company’s assets from a variety of obligations for which it may be liable. For instance, costs related to an accident caused by you or one of your employees could leave your company responsible for medical costs, repairs to any property that may have been damaged, or legal expenses, if necessary. In some cases, general liability may also help you in cases of slander, copyright infringement, or false advertising claims.

How It Works

Generally, liability insurance is designed to cover a set, predetermined dollar value, and can be a single insurance plan or just one part of a larger, more comprehensive business owner’s policy. For example, if your general liability maxes out at $500,000, but your business is liable for medical and legal expenses that exceed that number, then you will be responsible for the difference. However, you can purchase additional coverage options to create a more well-rounded business insurance plan that could exceed your liability coverage’s limits.

What Else Does Your Business Need?

Determining exactly how much liability and other business insurance you need is a bit like trying to read the future. You can’t predict what obstacles your company will face, but you can determine what risks your business is most often exposed to and plan accordingly. To build your customized business insurance plan, we’ll consult with you one-on-one about you, your company, your vision for its future, and the exact types and amount of coverage your business needs.

ABOUT YOUR DALLAS INSURANCE COMPANY:

With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets and put your mind at ease. To learn more, or to get a free quote,  call our Carrollton office today at 972-492-8500.