Most people often dream of creating or having their own business that they can manage. Having a business ensures you have a steady and continuous income, with whatever kind of industry you put yourself in. However, some accidents can happen to your customers or consumers that your company will be held accountable to. Bodily injuries and property damages caused by your company’s products or services are reasons you will be legally responsible. In this case, you should invest in general liability insurance. This insurance helps your company in covering medical and other expenses caused by your products. Before spending on one, here are some myths about business and the coverage that you need to understand:
Small Business Don’t Need Insurance
While this isn’t entirely about general liability insurance, it’s essential to know that every business includes risks during operations. Having a small business does not guarantee you from customers reports and disappointments.
In most cases, slander, copyright, and infringement problems affect the operation of small businesses. Furthermore, these businesses suffer from significant loss even with a single risk or challenge. It’s essential to invest in general liability insurance to be safe.
General Liability Covers Professional Service
This myth is a crucial one that needs debunking before investing in general liability coverages. The insurance does not cover professional service and covers only bodily injuries and product damage. Adding sub-contractors does not mean that the protection will save them from their mistakes. Moreover, general liability insurance only covers damages with complete operation and transaction. Losses from delivery failure or accidents during production will not be included in the coverage.
General Liability Covers Workers Damage
Again, general liability will only cover bodily injuries and property damage caused by a product or operation of your company. The coverage will not include employee-related claims and costs. Moreover, vehicle damage, whether your vehicle acquires damage or it inflicts damage, is not a part of the coverage. Private information and data breaches are not covered in this insurance.
Final Words to Keep In Mind
In the business world, you need insurance to reassure you that you will not lose your business due to problems. However, not all insurances cover all damages. You need to search for all the myths and the truth behind it for more safety. General Liability insurance will save you from financial loss from injuries caused by your product. Investing in one will save you in the future.
At Insurance Advisor Network, 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 (918) 528-6226 or Click Here to request a free quote.