Does My Business Need Liability Insurance?

General liability insurance protects businesses from lawsuits. Whether your company is a large or small business, even if you’re an independent contractor working by yourself, you need to consider buying this type of policy to protect your assets.

This can save your company from huge financial losses if you lose or have to settle a lawsuit for property damage or personal injury claims. Even if you find there is instability, legal defense costs can be expensive, and this policy will cover their costs as well. For more information about the amazon general liability insurance, you can check out via the web.

Another type of policy you will learn about in this blog are usually purchased together with GLI and they included professional Liability Insurance, Errors and Omissions coverage, workers compensation, product liability insurance and commercial property insurance to property owners.

You can buy a general liability policy from an insurance agent or broker, or you can get a quote online. Before you purchase a policy for your business though, we suggest you pay attention to three important aspects of any business policy:

1. limit

The boundaries of general liability policy refers to the maximum amount the insurer will pay the claim. It’s important to get the right amount of coverage for your business based on the specific risk. If you buy a policy with a $ 1 million limit and you lose a lawsuit for $ 1.2 million, you will be responsible for paying the other $ 200,000. It will bankrupt many small businesses.

2. Exclusion

Exceptions in the insurance policy only things that are not covered. Clearly, it is important to know whether you have an exclusion policy before you buy.

Some examples to be vigilant for include things such as accidental injury, acts of war, and breach of contract. Many times, additional policy can protect you from things that are not included in your general insurance.

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