1. General Liability Insurance – Business’ Best Friend
If you're running a business, especially the one which includes everyday communication and meeting with clients, customers, or partners, general liability insurance policy is what you need. This coverage is also called commercial liability insurance. Look the example below:
You're in the middle of the important meeting with your partners when your employee accidentally splits the water right on your partner's laptop, which stops working. The partner looks pretty upset, and he/she requires you to pay for the device replacement. In case you’re not insured with liability coverage, you’ll need to pay the total price out of your pocket.
That expense might not look too significant at first, but if the accidents continue, they can lead to bankruptcy, which is definitely not a good start for business. So, consider general liability coverage if:
• Your location is open to the public
– if someone gets injured when slips on the wet floor (and you haven't put the proper sign of warning) of your facility, you're claimed responsible, and you'll need to repay for the medical expenses.
• You sell products to customers
– if you sell spoiled food to someone, that person can sue you for poisoning or any other inconvenience. If you’re insured, the insurance company pays for your court expenses.
• Handle client property
– if you’re running computer and laptop repair service, make sure you’ve purchased the general liability insurance policy – if you damage someone’s computer or laptop somehow, the insurance has your back.