General Liability Insurance is one of the most important ways that a business can protect itself. However, business insurance is protection that covers many different aspects of insurance.
In fact, General Liability is the basic insurance building block of any business insurance program. Sometimes, it’s required for a lease, a bank loan or contract for service.
Remember, while not all areas of business insurance may not be necessary for your small business, we guarantee that general liability insurance is.
Here’s a closer look at how commercial general liability coverage can protect your dreams of industry success.
What Does General Liability Cover?
Sometimes, everyday business operations can lead to issues that insurance could help cover expensive claims, legal fees, and repairs.
Also, as a small, medium or large business owner, these are issues that you shouldn’t have to worry about covering out of your own pocket.
Most common problems that general liability can protect you from include:
- Damage to premises you’re renting
- 3rd Party Physical Injuries
- 3rd Party Property Damage
- Defense Costs in certain circumstances
- Personal and Advertising injury
Who Needs General Liability Insurance?
Well, accidents can happen at any time. Imagine if your small business becomes caught in the crosshairs of a legal battle. Or, has to pay massive reparation bills straight out of its personal budget. Well, it’s unlikely that your labor of love will have the financial means to carry on.
Is it Required By Law?
Although general liability coverage isn’t mandatory for businesses in Texas, it’s still heavily recommended that business owners take advantage of the opportunity to protect themselves and their business’s success.
You should have commercial general liability if your business:
- Is open to the general public
- Has customers and clients moving in and out of its premises on a regular basis
- Operates on rented or owned property
Is General Liability Coverage Expensive?
This is the question insurance providers most often get and is the main culprit behind why some small businesses remain uninsured where it matters.
Unfortunately, the cost of general liability insurance for your business varies based on your unique needs, so shopping based on a set premium is nearly impossible.
However, expert insurance professionals have the ability to thoroughly analyze your business’s qualities and come up with a reasonable insurance policy that protects your needs at an affordable rate.
Some of the standards to keep in mind when considering general liability costs are:
- Your business’s size
- The general risks of your industry
- Your business’s location
- Your expected growth or revenue for the year
Protect Your Business With Dexter & Company
Remember, if you plan on opening a new business in the near future make sure that your investment is thoroughly covered. As always, the insurance professionals at Dexter & Company have the experience you need to keep your business booming.
Contact us today to learn more about our services and to schedule free consultation with a member of our team.