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CALIFORNIA BUSINESS JOURNAL
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A Guide to General Business Liability Insurance

by California Business Journal Editorial Staff
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Whatever your business does or sells — from manufacturing and construction companies through to service businesses to retail or leisure industries — there are inherent risks involved that require adequate protection. There is a lot to think about when setting up a business, and it’s perfectly natural to only want to think positively and optimistically about the future, but the world is not like that and being unprepared for whatever Lady Luck sends your way is a risk too far.

It’s important that you consider the worst case scenarios so that you can be appropriately prepared for any outcome and have a plan and the right insurance product in place to keep you, your staff, and your business fully protected.

You may have heard the term ‘General Business Liability’ and wondered if it’s the right insurance for you. In short, yes, and this article will explain what it is and why you need it.

Why do I need liability insurance?

Being prepared for the unexpected is not pessimism, it’s about preparing practically for an unknown future. There’s no such thing as an infinitely easy ride and at some point there will almost certainly be a situation that could lead to significant financial loss. Legal claims made against your business, severe illness, theft, the breakdown of business vehicles and tools; any of these things could happen at any time and you must be prepared, otherwise those costs fall on you and your assets, and business liability insurance is the small price you pay to be protected against the overwhelming alternatives.

Let’s take a look at some of the most common types of liability insurance out there:

Do I need general liability insurance?

A general liability insurance product is designed to cover almost all the most common likely scenarios that you might be faced with such as claims made against your business for damage to a customer’s property, an injury incurred on your site or in your building, or perhaps your marketing claims are deemed false. Most business types, especially those working in accident prone locations in and around their customers, customer’s property or the general public should consider this type of insurance.

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Do I need professional liability insurance?

Are you a company providing a professional service to your customers such as marketing, legal services, or architectural design, for example? If there is a potential for your customers to perceive that your service or actions has lead to them losing out financially, then this is the insurance to help protect you against any claims of that nature, often referred to as professional negligence.

It’s so important that you understand the risks associated with that industry and the potential for an expensive legal situation to arise beyond your control and often without warning. These various liability insurances are often called a variety of different names, it’s the ‘liability’ that you’re looking for and there will always be a business liability insurance product that will help to protect your business financially, so that you can continue to make your business a success without having to worry about any of the worst case scenarios because you are already prepared for them.

Tags: BusinessbusinessescasecompanyfinancialGeneral Business Liability InsuranceGuide to General Business Liability InsuranceinsurancelegalmanufacturingmarketingnaturalRidevehicles
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California Business Journal Editorial Staff

California Business Journal Editorial Staff

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California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
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