What is general liability?
General liability insurance is a type of insurance that deals with claims related to bodily harm and property damage. You need to make sure that you have a GLI, which is the general liability insurance for your business. The main point is that you have to be eligible for the same, which can be possible if you have the insurance rule in your BOP.
When it comes to general liability insurance, you must be aware that you know what the benefits are. For example, suppose there happens an unforeseen circumstance that destroys your property. Now it requires a huge amount of, let’s say, 40 thousand dollars. How will you pay for this loss from your pockets? Savings could come in handy here, but you must be sure that you should recover from this loss or else you would be penniless in the future. For this sureness, the general liability insurance would work like a charm.
The policy will help for the following reasons:-
If you are thinking about what would happen if you have losses in your business and try to claim this policy, you won’t get any money back. The insurance would help you tremendously, but you need to know how you would earn from the same. The following reasons are mentioned below where you could claim the general liability insurance. These reasons are mentioned in the points below. These points are as follows:-
- Suppose you have just cleaned your floor and a certain customer comes and slips on your floor. Now, what if that customer sues you for not having a wet floor caution sign? This claim would help you pay those medical bills.
- What if you are a carpentry firm and someone from your firm destroyed some client’s value? This claim would help you pay for the property damage.
- You said something bizarre, and some sensitive person sues you. This claim would help you pay your lawyer’s fees for the same.
This is all there is to general liabilityinsurance. An insurance policy like this is a must for every business. If you have any queries regarding the same, please comment below.