THURSDAY, MAY 27, 2021
Explaining Common General Liability Accidents to Clients
Liability lawsuits are common in any business, and they’re always the most important challenge to be on the lookout for. Still, knowing what kind of accidents to expect can help you prepare yourself against them, as well as help you know the right limits of general liability coverage to have in case an accident ever does occur.
Below are some of the common general liability accidents your business may face from day to day.
Injuries are one of the most common liability accidents across industries, especially for businesses with physical locations. For example, slips and falls due to spills occur frequently in restaurants and stores, and your client could be on the hook for the related medical bills.
General liability insurance can help cover the victim’s medical bills while also protecting the business from a related lawsuit. This is especially important for businesses that offer physical activities such as exercise rooms, trampoline rooms, etc.
Property damage refers to third party property damage that occurs as a result of everyday business. If you lease or rent a physical location for your restaurant and a fire breaks out, for example, damages to the building may be covered under general liability insurance. This helps you avoid having to compensate your landlord out of your own pocket.
Product liability refers to bodily injury and property damage a product that is offered, manufactured or sold by the business may cause. For example, there are often claims regarding injuries and damage from hair and skin care products such as rashes, burns and hair loss. This is where general liability insurance steps in to help pay for some of the damage that a client might allege your product caused them.
Other Personal and Advertising Injuries
Personal and advertising injury refers to non-physical injuries a third party may suffer. Libel and slander are two types of personal injuries. Other types include:
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Wrongful eviction
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False arrest
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Copyright infringement
When is General Liability Insurance Not Enough?
While it is important for business owners to know general liability risks, they should also be aware of other types of liabilities that may threaten their business. Consider adding other benefits into your plan into your plan, to augment your general liability benefits:
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Professional liability insurance covers professional negligence that may cost clients money.
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Umbrella liability insurance fills in gaps left by other liability insurance policies, including general liability.
With the help of your insurance agent, you will be able to help you get the most appropriately tailored liability benefits for your company. At the end of the day, your policy will be there and ready to help following challenging accidents that you want to move on from easily and without a financial stain.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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