American Eagle Insurance Blog
General liability insurance helps to protect your business from financial losses especially when someone sues you or files a lawsuit against you for causing personal, bodily injury, and property damage. Some local government require business handlers to have general liability insurance from businesses in specific industries.
You would find out below how you can protect your business with general liability insurance.
Who Needs It
If you are someone who is just about to start a business and aims to apply for a business loan or plan to have a contract with other companies, lending companies require you to provide proof of general liability insurance to ensure that your business could survive liability claims and meet your obligations within the contract.
Some local government even requires general liability insurance to construction businesses and some company in specific industries. Companies that have risks of bodily injuries need liability insurance. It is essential even on those that do not have physical stores since they might get sued if your advertising practices interfere with other businesses.
How much is it
Like any other insurance policy, business liability insurance costs are affected by its amount of coverage, your business industry location, age, revenue, size, and claims history. But it usually costs $741 per year on small businesses, which is less than $62 per month. Considering that the liability lawsuit’s median cost against a company is $54,000, $741 is affordable.
Insurance agents could provide help to make you further understand the policies. If you have custom insurance needs, getting help from them would benefit you too. The thing is they might try to sell you products you don’t need and try to raise your prices, within that reason you should go directly to a trusted insurance company. There are also insurance comparison sites and articles that help you find the best deals and how different insurance policies would benefit you.
General liability insurance helps in securing your business financially. It will help you if some companies try to sue you as you damage their property, help you cover bodily injuries, medical payments, and even advertising and reputational injuries; as slander or libel.
At American Eagle Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (225) 667-7377 or Click Here to request a free quote.