General liability insurance represents the most fundamental kind of business insurance. Sometimes known as a comprehensive commercial liability. It primarily protects against liability claims for bodily injury and other physical injuries. That occur as the result of accidents on your business premises or location at a client’s business. It also covers property damage and the costs of defending or settling any claims, regardless of whether they’re fraudulent or not.
It is important to remember that general liability insurance policies don’t cover all potential liabilities that could hurt your business. We highly recommend that small businesses augment their general liability policies with a property insurance package to guarantee maximum protection for accidents that may occur at your office and clients’ business locations. By incorporating property insurance into your policy, you can tailor the coverage levels to protect against the risks associated with your particular industry. Together, they will protect your business against theft or loss of business properties, computers, software, and hardware.
Is it mandatory under the law?
Some states might require liability insurance for specific industries, such as construction. But even if it’s not mandated by law, liability insurance can be demanded by your landlord, mortgage company, or customers. They may request that your business produce an insurance certificate to prove your coverage, confirming that your business is protected from personal damage or injury lawsuits.
The certificate will also offer your bank, property manager, or client peace of mind. They won’t be held responsible for the costs of an accident lawsuit brought against your business.
Why should I get small business general liability Insurance?
Simply put, general liability insurance covers the assets of your business. Suppose a consumer is injured on your site of business or by a piece of equipment you offer or a product you sell. In that case, coverage will safeguard your valuable business assets.
However, it’s important to remember that it will only shield you against certain kinds of claims. Adding errors and omissions coverage to your liability insurance will protect your business more wholly by guarding. It against lawsuits that claim a mistake was made when performing professional services that led to an accident.
What is the best way to obtain it?
To obtain general liability insurance, start by filling out free online applications. You’ll need to provide some basic details about your business, such as your company’s name. The type of services or equipment you provide, and the number of people you employ.
Insurance-NJ.com provides a variety of business insurance through several providers, including general liability insurance NJ. We can also help you protect other company assets not included under the umbrella, such as worker’s compensation, health, professional liability, IT insurance, and many more.
Read More: Does Your Small Business in NJ Require General Liability Insurance?