Unfortunately, no business is immune to liability. On any given day, employees can hurt themselves and others, damage property, or even put someone’s reputation at risk (including your own) — all of which could result in liability claims against your business, putting your financial future in jeopardy. General liability insurance — otherwise known as ‘business liability coverage’ — is an indispensable safeguard against these types of claims, providing ‘general’ coverage against everything from bodily injury to material loss.
What Does General Liability Cover?
A general liability insurance policy can cover a variety of claims against your business, including:
- Bodily Injury: Claims against your business for personal injury on your business property.
- Third Party Property Damage: Claims against your business for personal property damage (damage your business causes to someone’s property).
- Advertising Injury: Claims made for ‘advertising injury,’ offenses made by your business in the course of advertising its goods, products, or services.
- Reputational Harm: Claims made for ‘reputational harm,’ or business advertising that somehow damages someone’s reputation.
General liability coverage also covers the cost of court fees if any of the aforementioned claims go to trial. As the average cost of a court case is worth over $100K (not including all those lawyer fees), this alone is worth more than the cost of acquiring a policy.
There is no question that the cost of acquiring a policy is worth it. The question that matters is, how much coverage do you need?
The Value of General Liability Coverage Consulting
In truth, BenefitCorp has helped our clients save millions of dollars by helping them not only acquire general liability coverage, but by working with them to answer three questions when it comes time to acquire a policy:
- How much coverage do you need?
- What should be included in your policy?
- Are your coverage limits above your requirements?
The first ensures that businesses get what they pay for, and don’t pay for more than they need. The second guarantees that businesses get the coverage they need…or at least gives them freedom to buy extra insurance to fill gaps in their coverage. And the third ensures that they are getting the most out of their policy in the event they need coverage.
This trifecta of solutions guarantees that our clients get the general protection they absolutely need, while also ensuring that their coverage limit is not so low that they are forced to pay the difference. If, for example, a lawsuit costs you more than your limit, you would have to pay what is left. Our experienced brokers will work with you to ensure this never happens, while coordinating with our insurance providers to give you a policy that aligns with your needs and budget.
Speak With BenefitCorp to Learn More
Up a creek…without a paddle. That is what it is like to be a business without some type of general liability coverage. In short, it is standard, no-nonsense coverage that can help your business not only stay afloat, but steer clear of all types of inevitable fiascos and misfortunes. It is no surprise that general liability coverage consulting is our (partial) bread and butter, or why we are so psyched to speak about it with our clients.
If you are interested in acquiring comprehensive general liability coverage for your organization, or want to learn more about our consulting solutions, give us a call a 972.737.7875. or contact us online today. We cannot wait to help you get the liability coverage you need!