General Liability Insurance Plan: What Is It And How Can It Secure Your Business

When it comes to running a business, it takes spending money to earn for your bottom line. It pushes professionals in a constant race to churn enough fuel to keep the show running, but for start-ups and small businesses, there’s little-to-no room for mistakes in your expenses. 

All business owners strive to protect assets, especially since any damages within your property are all it takes to shake down your foundation and push you to financial ruin. That’s why choosing the right insurance plan for you is crucial to protect you in the event of a costly accident, such as the general liability insurance. 

What Is Small Business General Liability Insurance? 

Acting more as a necessity than a luxury, general liability insurance can help your small business from spiraling into debt as it covers any claims for damages against your company. The claim can range between bodily injuries, false advertising, property damages, libel, and slander, all of which can quickly burn holes in your pockets without the suitable coverage from your provider. 

If a customer, for instance, slips on a wet surface from your shop, they can act against you and turn towards the court. When that happens, general liability insurance can ease the costs from civil court actions such as the following: 

  • Legal fees;
  • Settlements between the plaintiff and insurer; 
  • Compensatory damages;
  • Non-monetary losses;
  • Punitive damages;
  • Medical payments

What Does General Liability Insurance Not Cover? 

Keep in mind that all insurance plans have its unique set of limits, and while general liability insurance offers comprehensive coverage, some risks that the provider will not cover include the following: 

  • Intentional acts; 
  • Warranties;
  • Professional liability;
  • Workers’ compensation;
  • Professional errors;
  • Cyberattacks;
  • Damages from natural disasters;
  • Commercial property insurance;
  • Commercial auto insurance;
  • Umbrella liability insurance;

How Much Does General Liability Insurance Cost?

General liability insurance fees typically range between $300 to $1,000 per year, most of which are largely dependent on variables such as your location, per occurrence limit, annual payroll, deductible, aggregate limit, and risk exposure. 

You can cut back the costs on your premiums if you strategically integrate risk management procedures, which you can do with the help of a professional agent. 

The Bottom Line: Choosing The Ideal General Liability Insurance Plan For Your Business

General liability insurance can do wonders in securing your long-term success, especially since it can guarantee your financial safety down the road. It displays your credibility as an established business that deserves your employees’ and the customer’s confidence.

Why Choose Apex Insurance And Investment Group Agency?

Navigating through the complex world of insurance can be complex, but we’re here to simplify the process for you. We’re a reliable apex insurance agency in Florida that can help you go through difficult times – be it covering for your needs at home or for your business. 

Get in touch with us and let us help protect your small business with our tailored general liability insurance plan. 

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