General liability insurance can seem like a vague and nebulous thing. It sounds important but who needs it and why? The bottom line is general liability insurance provides protection to cover the assets of a business. It also pays for financial obligations that arise from business-related injury costs to lawyer expenses during a suit.
Most independent contractors and small businesses need to have general liability insurance in place to protect themselves from lawsuits, mishaps, and third-party damage. When one manages their own work or business, they need to take steps to cover the safety of their clients and the quality of the products and services they provide.
In basic terms, general liability coverage protects the financial health of a business when something goes wrong.
From property damage to bodily injury and medical expenses – it is smart to make sure business assets are protected should an accident or lawsuit occur. You’ve heard the saying “better safe than sorry,” and that certainly applies with general liability insurance. It is critical to ensure independent contractors have the appropriate coverage – for those “what-if” situations, especially in today’s lawsuit-happy world.
Liability insurance protects a wide array of business classifications that include yoga teachers, social workers, behavioral, and healthcare professionals. Each of these types of professions has the potential for unique risks to occur. Liability insurance protects the businesses and individuals of these occupations from potential claims made against them.
- Clients can unexpectedly get hurt while attempting a yoga pose.
- Clients might sue for malpractice when they “see themselves” in a case study a social worker wrote and published.
- Allegations of negligence, misconduct or breach of confidentiality might unexpectedly arise for behavioral or healthcare professionals.
Industry experts agree that liability insurance is an essential – if not the most important – part of any business plan.
No matter how many safeguards one takes, there is no way to eliminate the risk of a lawsuit. Sadly, lawsuits can occur even if the party isn’t in the wrong or negligent. Liability insurance gives financial protection when a suit arises, so a business owner’s hard-earned money isn’t at risk.
If one doesn’t have liability insurance, the hefty fees of a lawsuit could put an independent contractor or small business owner out of business.
At the end of the day, the minimum cost for general liability insurance brings peace of mind, so one can stop worrying about risks and focus on their business.
Are you an individual who needs coverage? Learn more about general liability coverage. Complete this simple form to get coverage now.
Are you a broker who wants to offer general liability to your clients? Learn more or get a quick quote. You can even add the application on your website.