For most California businesses, general liability insurance is the most important insurance you can buy and one of the most basic forms of protection. No matter how small or large your business, you can become a mark for frivolous and even serious lawsuits. Regardless of your preparation, legitimate accidents and injuries happen in your business, especially when dealing with customers on a daily basis.
A solid California general liability policy is your best protection against astronomical damages, injury claims, and potential lawsuits. At IBW, we’ll help you find the policy that suits your business needs and helps you when an injured party decides to sue.
Your liability policy covers you in four specific ways.
The medical payments of a customer, vendor, or other third party are covered if they’re injured while on your business property or while working with your business in some other locations. It could be a trip and fall in your store or restaurant, an accident on a jobsite, or some other injury.
Big job sites, small offices, and retail spaces all have something in common — the potential for a customer, vendor, or other third parties to experience property damage. When your company is responsible, you’ll be the one to pay for the damage. With the right liability policy, you’ll be covered.
You’re covered if you’re accused of false advertising, slander, libel, copyright violations, invasion of privacy, and stolen ideas. Whether you do your advertising in-house or you hire someone to help you, you’ll be the one responsible for the liability if there are problems.
Legal Fees and Lawsuits
While there’s no requirement in the state of California for businesses to carry liability insurance, there’s also no cap on the amount someone could be awarded in a liability lawsuit. Your general liability insurance coverage will help your business if you’re sued.
If you’re just starting out, make sure insurance coverage – including liability – is part of your business plan. Budget for it now so you open your virtual or real doors already protected from whatever happens.
For established businesses, it’s important to reassess your coverage every year or so. If you haven’t thought about your policy in years, it’s time for another look. The worst time to find out you don’t have enough insurance coverage is when you have to file a claim.
Without the right California general liability insurance policy in place, you’ll have to pay out of pocket when a third party gets hurt or experiences property damage while working with you. Even a seemingly minor accident can come with a big price tag. Don’t bankrupt your business. Let IBW help you protect yourself and your business with liability coverage. Contact us today!