General Liability Insurance
Orlando | Sarasota | West Palm Beach
General liability insurance can be a valuable tool for business owners, providing protection for business assets and properties. While businesses are not typically required to have this kind of coverage, you may have a client or a landlord that will require you to have this insurance to do business. Signature Insurance Group provides general liability coverage from several business insurance carriers.
What Is General Liability Insurance?
Also commonly referred to as business liability insurance, general liability coverage offers protection to companies and organizations. On certain occasions, unfortunate incidents resulting in personal injury or property damage might occur within your business. Such an event could render your company vulnerable to civil actions taken by the injured party or property owner.
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Business liability coverage provides financial safeguards to said companies or organizations for issues such as:
- Medical costs related to the injuries someone visiting or conducting business on or inside the organization’s premises might have sustained
- Restitution for any property damage individuals may have incurred in such incident
- Product liability covering the producer, designer or distributor of a particular good or service’s financial responsibility should a consumer sustain injuries as a result of said item
- Coverage of legal costs should the civil action proceed to trial or some other legal proceeding
These are merely a few tenets that a typical business liability policy may include. You may be able to tailor a coverage plan that best suits your organizational needs.
Is General Liability Insurance Coverage Required?
Business proprietors are not legally mandated to invest in this type of insurance coverage. That said, many financial and legal experts recommend you obtain this kind of insurance. The slightest actual or perceived injury sustained by a customer or visitor to your business’s premises could result in significant monetary expenses. Possessing business liability insurance can significantly limit the financial damage that might otherwise occur under such circumstances.
Depending on the nature of your company, you may be contractually obligated to have this coverage. We recommend getting general liability insurance if:
- Your business is open to the public and sells products to customers
- You lease commercial property to others, or you are renting a commercial property
- You advertise and market products and services
- You interact with employees and clients on a job site
The Cost Of General Liability Insurance
Estimating the costs of an individual policy can prove difficult. There are several factors that must be taken into consideration before such expenses can be calculated including:
- The size of the business
- The amount of the entity’s property being insured
- How many workers the organization
- The specific service the company in question provides
For instance, if you own a construction company, your risk factors will be higher than if you own a gift store. These are all relatively common factors that influence your coverage cost. You may need to include more or fewer provisions, depending upon your organization’s specific needs.
Choose SIG Insurance for Your General Liability Coverage
If you own a business, investing in business liability insurance could prove paramount to protecting its financial integrity. To receive commercial general liability insurance quotes and recommendations, contact Signature Insurance Group today!
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