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person fallen at workHaving the right insurance for your business is essential. By making sure you have appropriate coverage ahead of time, you can ensure that your company continues to function should an unfortunate incident occur. Here are four ways that general liability insurance can help protect your business.

1. Damage to Third-Party Property

One important aspect of general liability insurance is that it covers damage to third-party property. This means that if damage to someone else's physical belongings occurs while you are conducting business—whether through direct or indirect actions—your policy can cover the cost to replace or repair the items. For example, say you own a tree trimming service. Your employees are working at a client's home and a limb falls on a neighbor's fence. Your general liability policy can help pay for the damage to the fence.

2. Bodily Injuries

Bodily injury to other persons is another aspect covered by general liability insurance. This coverage handles medical payments for those who are injured—again—by the direct or indirect actions of you and your employees. Going back to the tree trimming incident as an example, if the branch hit the neighbor on its way down. His medical bills, loss of wages and other related items may be paid for by your general liability insurance policy.

3. Lawsuits and Investigations

Unfortunately, lawsuits are often part of doing business these days. If a third-party is suing your company for negligence or another reason, having general liability insurance will be important. This policy­­ helps pay for any necessary attorney fees associated with the lawsuit and the investigation into whether or not the suit is truthful. If you have a judgement placed against you regarding a liability claim, the policy can pay to settle as well. (Of course, this payment is subject to your policy limits and does not include instances where you are suing another party.)

4. Supplemental Needs

Another thing that liability insurance covers is certain supplemental needs. While the exact coverage varies by insurance carrier, most may pay some sort of stipend for work lost while dealing with a lawsuit and/or certain cyber liabilities. Additional addendums and riders are available for businesses that serve alcohol, engage in riskier industries and more.

In short, general liability insurance is an important policy to have to help keep your risk at a minimum. For more information about business insurance, please contact your local agent today.

Get the best protection for your business. Call Insurance Providers at (417) 862-7700 for more information on Springfield business insurance.
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