General Liability Insurance

What is it?

Put simply, General Liability insurance covers your company / start-up business from physical injury claims (either property damage or bodily injury) brought by third parties. This can include office mishaps (think “slip-and-fall” lawsuits) as well as injury resulting from your product malfunctioning or being misused.

General Liability will cover a wide range of physical damage by covering the legal as well costs incurred by the injury (think court-awarded damages, settlements, and medical costs). Coverage through Small Biz Insure can be depending on your company’s exposure to certain risks. The scope of coverage can be catered to both your company’s needs and budget.

Why do I need it?

  • Does your company have laptops, other hardware, etc.?
  • Does your company have a blog or utilize other social media outlets?
  • Do you have a physical office where your clients visit?
  • Do you visit clients at their offices?
  • Does your product or service require you to have control over any of your clients’ property, such as their servers?

As you can see, General Liability exposure is massive for almost any company! If you can think of any situation where your company or any of its employees is directly or indirectly responsible for the safety of others or another’s property, you’re exposed!

Even if you think you have all of those situations covered, General Liability still protects your company from unknown risks, including property loss due to criminal activity.

It’s important to know that General Liability will also cover injuries caused by manufacturing defects in your product. You may be thinking, “well wait a second…I outsource my manufacturing to China so I’m never going to be liable for anything manufacturing-related anyway.” Unfortunately, that’s not how it works. In the eyes of the courts (and therefore the underwriters), anyone who touches the product at all can be liable for manufacturing defects, and often an injured party will name everyone in the “chain of distribution” as defendants in their lawsuit.

Finally, it should be noted that contracts often require your company to have General Liability coverage, whether it be your contracts with customers or your commercial lease agreement with your landlord.

Small Biz Insure Memphis offers several types of insurance coverage at competitive rates. For more information call us at 1-877-853-2567 or get an Online Quote Now!

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