As a business owner, you have no idea what lies on the road ahead. One day you may be enjoying success and the next day, you may be witnessing your downfall. As such, everyday is a surprise. However, getting accused of a criminal offence or a lawsuit can destroy your entire career and business. Sometimes, an accident may occur in your organisation without your awareness. You have to save yourself from these accusations and accidents. Applying for general liability insurance will protect you against third party liabilities. You can protect yourself from bodily injuries and property damage.
Business is a competitive field and more than competitive, it is risky. Your business has to be on the line of progress everyday to stick in the rat race. Customers who buy your product today may choose not to give a second thought about it the next day. Hence, you have to bring something new and innovative to the table every day. Every company is vying to be the best. Every business wants to attract a huge number of traffic and increase their conversions. Since all the businesses have the same goal, it is difficult to be at the top. However, sometimes, you may have the best products and the best marketing tools but you may fall short of sales because the products have caused damage or injury to the purchaser. In such a case, you will be liable to incur the damages.
Features of general liability insurance
Applying for a general liability insurance will protect you from incurring unintentional damages which are as follows:-
- Sometimes, your products may cause injury to the purchaser. In such a case, the liability insurance can cover bodily injury.
- It further covers customer property damage, customer injury, or any other damage your customer may witness using your product.
- It will protect you from advertising injury. Sometimes, the advertisement you create for promoting your products may be offensive. Hence, a liability insurnace will cover this risk and protect you from third party liabilities.
If you are a business owner, make sure you apply for a liability insurance.