If you own a business, it is crucial to understand how general liability for your property works and what could harm you. Different industries face different exposures, but some liabilities are nearly universal. No matter what kind of business you operate, for example, you need to consider that somebody will become injured and hold you accountable. Even if you don’t manage a business with physical premises, it could happen. How can you protect your business against risks like these and ensure that you aren’t liable for the potential damages?
General Liability Insurance
General liability insurance allows you to invest in a wide breadth of coverage. How do you calculate public liability and ensure you have the right policy? Find out by learning about the four significant areas of coverage that a general liability policy can include.
Bodily Injury
It would be best never to overlook the aforementioned risk of bodily injury. Any business entity can be legally held liable for an injury. For example, if you’re a wedding photographer, you might not think you could be responsible for an injury claim. If a wedding attendee claims that they tripped over your camera bag, you may be at fault. You could easily see yourself facing significant damages if you don’t have general liability insurance. Thus, this form of coverage offers protection by insuring you against losses stemming from legal liability for injuries.
Property Damage
What is general liability property coverage? This form of general liability aims to protect businesses from any damage that could befall a property. Business owners who don’t conduct business in a single physical location may assume that this isn’t a concern, but on the contrary, it can certainly be a liability. It is true because you are liable for potential damages at any property where you are acting professionally. If you travel for your work or visit other places of business, then you need to ensure you have coverage against liability.
Advertising Injury
Advertising injury is another important consideration for any business. This type of general liability policy insures a business against any claims of wrongdoing such as slander, libel, false arrest, or copyright infringement. Also, if you face a claim in court, any of these things can harm your business and even spell its end. You can prevent this from happening by investing in advertising injury insurance coverage.
Medical Payments
Medical payments are a notoriously costly liability. According to research, a three-day hospital stay will cost about $30,000. You could see catastrophic financial consequences if your business is held liable for an injury and the resulting medical costs. Investing in medical coverage insurance is the best way to prevent this liability and protect your business. It is the best way to ensure that if a person hurts themselves due to another’s negligence, they can receive their care.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
