Why is general liability insurance good for start-up businesses?
Launching a start-up business is an exciting way to follow your passion and grow your company. Between the “lightbulb” moment and achieving viability in your market, you will face many important decisions that will ultimately determine the outcome for your start-up. Many new business owners often forget to include buying insurance in the first few steps of cultivating their company. Not only is insurance necessary, but it can also help protect your newfound business from the worst – especially general liability insurance. Take a look into why this coverage is so important.
General liability insurance is important for businesses even in their earliest stages. It covers legal fees resulting from accidents, negligence, and injuries. One unfortunate accident in your workplace could bring a whole load of lawsuit fees down on you. Even if you are an individual who takes extra precautions surrounding safety while conducting your work, it’s not uncommon to get sued for something out of the blue.
A general liability policy generally covers four types of coverage, including:
- Bodily Injury and Property Damage: Protects a business from liability for physical injury to a guest or potential damage to their property.
- Personal Injury: Includes claims such as libel, slander, and defamation of character.
- Medical Payments: Designed to pay for an individual’s medical expenses as a result of an accident at the business premises.
Keep in mind that although general liability insurance does cover a wide range of incidents, standard coverage does not cover:
- Injured employees
Protect the livelihood of your start-up with the right business insurance. Contact Bell Black Insurance. Serving Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming, we are ready to get you covered today.