Any business needs protection from loss associated with claims issued against the operations. This protection is in the form of financial assistance, commonly called insurance. A company has many risks based on the operations, the location, the products, and the consumers, and general liability policy is the most basic form of insurance protection for any size business.
The Coverage Needs
When a business purchases a commercial general public liability insurance plan, it provides coverage for things like medical payments to injuries that happen to clients or consumers on your property or advertising claims of slander, libel, or copyright infringement. The general liability policy also provides funds for defense costs and settlement demands that may come from a lawsuit against the company.
Other Areas of Coverage
General liability claims aren’t the only things a company should be aware of. Businesses must worry about things like fraud, theft, employee injury, cybersecurity concerns, errors and omissions claims, and equipment malfunctions. Because there are so many other areas of concern, businesses sometimes look at a business owner policy (BOP) and then add endorsements or riders for the additional areas of exposure.
Adding additional policies or creating a more comprehensive package might seem expensive, but investing in a financial backup plan is better than having to spend thousands trying to get out of a legal mess.