Why Small Business Needs General Liability Insurance

The small business industry is among the main drivers of the US economy. Companies that employed not more than 500 workers comprise this industry. Before the pandemic, nearly 50% of Americans in the private sector are working in small businesses. Small businesses play a significant role in keeping our economy running.
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Small business owners like you must realize that you are a crucial component of our nation's success. So, in a time of uncertainties, you need to protect your business because many Americans rely on your business. Hence, it is an excellent investment to get general liability insurance for your business.

General Liability is a Must-Have For Small Business
You might ask why small businesses need general liability. There are two simple reasons. First, many small businesses do not own their office space. They are renting the commercial space that they are using. General liability insurance is among the requirements of most property owners to get a retail space.

Second, small businesses, most of the time, deal directly with customers or clients. Hence, there is a high possibility that you might injure a customer or damage their property. In those cases, you will significantly benefit from having general liability insurance.

If you do not have a policy, you must dip into your business funds to pay the damages. But, if your business is insured, your policy can cover the cost incurred from customer lawsuits. General liability helps you maintain the financial viability of your business even in a time of suits.

Policy Coverage
General liability helps you if a customer sues you for property damage, bodily injury, libel or slander, or fake advertising. The policy can cover the legal expenses from a customer lawsuit.

If your customer slipped and fell from your office stairs, your policy can shoulder his medical treatment expenses. The policy can also cover the damages to the customer’s property. For example, if the customer’s smartphone got broken due to the fall, your policy can be used to pay for the repair or replace the item.

Lawyer’s fee, settlement cost, and other related costs resulting from civil court actions are covered under the policy. If you rent a retail space, you can use general liability insurance to cover the commercial space's damages from the weather or fire.

Conclusion
Small business owners like you must consider obtaining general liability to protect your business from lawsuits. It will safeguard your business from getting ruin financially due to legal implications. By insuring your business, you are protecting your company now for your family and those who depend on it. Always remember that the future of the US economy depends on small businesses.

At American Eagle Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (225) 667-7377. You can also request a free quote by CLICKING HERE.