Avoid Financial Ruin: The Power of General Liability Coverage

As a business, you must be mindful of many risks and exposures that could threaten financial consequences. Incidents impacting other parties may be particularly harmful as, in addition to direct damages, they can lead to costly lawsuits. Your business must, therefore, take appropriate steps and implement adequate measures to respond to these situations and limit repercussions. That’s where a comprehensive understanding of general liability insurance can be crucial.

What Is General Liability Insurance?

As a staple of almost all business insurance packages, general liability coverage should be considered a top priority for your company. These policies can help your business manage the aftermath of incidents affecting third parties, such as customers, guests and passersby. Without sufficient general liability insurance, you would need to pay resulting losses and expenses out of pocket, which could devastate your finances and jeopardize your future.

What Do Policies Cover?

General liability insurance typically offers multifaceted coverage across many common incidents that may impact organizations of all sizes and sectors. While the exact specifications of policies may vary, you can typically rely on them to include the following facets:

• Bodily injury coverage can help pay for third-party medical expenses should your company be at fault for harming someone.
• Property damage coverage may assist with repair or replacement costs if you or your employees are responsible for an incident in which someone else’s property is damaged.
• Personal injury coverage can offset losses if you’re responsible for slander, libel or copyright infringement.
• Product liability coverage may insulate your business from financial repercussions if your goods cause harm to a customer.

In addition to direct damages incurred by third parties for the covered incidents, your general liability insurance may also help pay for legal expenses should your company face legal action.

We’re Here to Help

Contact Universal Insurance Agency in Dayton, OH, today to learn more about general liability coverage or compare personalized quotes for ideal policies.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.