What is General Liability Insurance?

General Liability Insurance is an Insurance policy that in the event of liabilities caused due to damage, injury, negligence, or omission, during work or their duties, can cover the expenditures claimed. The general liability insurance protects the small business and its assets, from such claims.

General Liability Insurance is also often referred to as Business Liability Insurance. Such insurance is crucial for every small business to have and invest in, for in the absence of general liability insurance, the company will have to pay for the claims and added expenditures by itself, out of its own personal assets. In the case of a legal claim and medical expenses, the company might suffer tremendous loss of funds and even get bankrupt, if they do not have General Liability Insurance in California.

General Liability Insurance Policy

General Liability Insurance policies provide coverage for a wide range of unpredictable expenses that the small business might have to incur including claims of bodily injuries, property damage, service liabilities, negligence, punitive damages, intentional acts, legal claims, lawsuits and such. The insurance also protects the small business from medical expenses, rent payments, advertising costs, product performance failures, and similar other costs. 

General Liability Insurance though not legally mandatory to have, has become increasingly important for businesses to invest in. Many contractors and clients expect the company they are contracting with to have such liability insurance and be liable to pay for any additional expenses incurred during the job. In such cases, being a general liability insurance policy holder is beneficial for the small businessmen.

Conclusion

Furthermore, given that general liability insurances can be personalized to suit the business types and their needs, it is ideal for a small business to invest in. General Liability Insurance is the best possible safeguard for any small business.

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