General Liability Coverage: What Options Should You be Looking for when Choosing General Coverage

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Business insurance is a tricky slope to navigate under any circumstances. When it comes to carrying the bare minimum coverage for only the necessities, you certainly do not want to be missing something important. For example, some start-ups choose to only carry affordable general liability insurance. It’s certainly a cost-effective solution in the beginning. But should be just that, a start, not the end result. General liability coverage needs to be added to the mix.

Why You Need General Liability Coverage
Why You Need General Liability Coverage

What exactly does General Liability Coverage handle?

General liability coverage is just that, very general. You are covering the incidents that can happen on a day-to-day basis. That includes customers falls, basic property damage, and the dreaded advertising faux pas that may occur during start-up. This coverage is not intended to be the begin all and end all of your coverage. It’s merely the band-aid that holds you over until you can obtain a more solid, encompassing plan.

What should I be looking for when choosing General Liability Coverage?

There are several important keys to watch for when choosing a general liability plan. For example, it’s great to have customer slips and trips covered. But if you forget to include advertising coverage you could face a serious problem if something pops up. Below we’ve outlined a few key elements to keep in mind when choosing a plan for your business.

1. Your customers’ safety is important, but accidents can happen anywhere

Always make sure the plan you choose has appropriate coverage amounts for accidents. No matter the cause, an accident can create a nightmare for your business if your coverage amounts aren’t high enough. Consider slips, trips, falls, icy conditions, parking lot bumps and scrapes, etc., when choosing the right coverage amounts for your business.

2. Advertising is a slippery slope, make sure you are covered

In an age when just about anything can become a lawsuit, you need to have a serious discussion with your insurance agent about advertising issues. You need to have coverage that meets the needs of your company, with consideration for the fact that advertising is a tricky area.  Avoid the damage that can be caused by a slip up and get the best coverage in this area. Although you may never need it, it’s better to have it and not need it, than not have it when it counts.

3. Property damage is a serious issue and can get messy

Again, accidents happen. Make sure that your property damage coverage is adequate for your needs.  Whether it’s a pallet falling on a customer vehicle or a customer knocking over a display. Be sure the coverage you choose is going to be able to handle the cost.  Your bottom line is important and should be protected from damage.

4. Additional Coverage Options

Be sure to ask your agent about any additional options that could help to protect your business further. This can include add-on coverage for specific types of damages. It’ll go one step further in protecting your assets. Over-insured is far more palatable than under-insured. As the saying goes, better to have it and not need it, than to need it and not have it!

No matter what type of business you own, general liability insurance is absolutely necessary. It is not the end all of the coverage you may need. But it is certainly a huge step towards protecting yourself and your business from a serious loss if an event should occur. Make sure you speak with an agent to cover all of the possible angles and gain the best coverage possible for your business right away.

( Photo by Robert Couse-Baker )

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