Thinking Beyond General Liability Insurance

Almost every insurance policy includes a General Liability Plan (a.k.a Commercial General Liability Insurance or Business General Liability Insurance) as it protects the business from claims related to damages inflicted or bodily injuries endured by an outsider on their property.

This also helps cover the legal obligations that one might face in such cases and also the medical expenses coverage the person may require to rehabilitate from the injury.

So, whenever you start a business or purchase a house, it’s imperative to make sure that the insurance you buy includes General Liability Insurance. But the fact is, this can’t always be enough and you might need more backup, in case you run into major problems in your business.

This is where your knowledge about the business and customers comes into play. Based on that, you have to decide if General Liability Insurance is enough for you or you might need to invest in a flexible plan that covers more criteria.

So let’s learn more about all the factors that you need to consider before deciding if you need more than just General Liability Insurance to protect your business.

Ask yourself the following questions to understand your situation:

  • What kind of business do you run?

The kind of business you run may help you determine what kind of insurance you require.

Mostly, it depends on the level of risks involved in running your business. If you own a Grocery Store business selling basic supplies, then a General Liability Insurance in your policy along with Property Insurance should be enough.

But let’s say you also sell medications, then you may also need coverage from Druggist Liability Insurance.

The same goes for a restaurant. If you have a valet service in your restaurant business, you might need Auto / Valet Liability Coverage.

It all depends on your business and the increased risk of services you provide.

  • How big and established is your business?

You may have a successful business, but what comes with success is attention.

The more business you do and the more success you gain, the more losses you will have to endure if you face any problems.

Having a small electrical glitch can ruin a large amount of stock for you. Getting it fixed and covering up the loss may be difficult on your own, but with Equipment / Machinery Breakdown Protection and Food Spoilage Coverage, your insurance will help you pick up from where you left without causing any financial losses.

  • Where is your business located?

Depending on the location of your business and the kind of traffic of customers you may have, you may require different kinds of policies.

Are you located in a region that’s prone to natural disasters? If so, you’d need Property Insurance and Business Income Coverage in your Business Insurance.

Similarly, if you are located in a region with a lot of customer traffic, you will require more professional indemnity like Umbrella Liability Insurance.

You need to study all these factors before you consider the options included in your Business Insurance Plan.

  • What kind of customers do you get?

If you run a large-scale business or something that attracts wealthy customers, you will require protection against data breaching and cybercrimes to protect the information of your customers.

For that, you will require Cyber Risk Insurance or Cyber Liability Insurance and Data Protection Coverage.

  • How many employees do you have?

You don’t need much assurance if you only manage 1-2 employees in your business.

But if you run a restaurant, hotel or any business that requires a large number of employees, you need to invest in some employee-related insurance coverages.

Workers’ Compensation Insurance, Employee Dishonesty Insurance and Employment Practices Liability Insurance (EPLI) helps you manage your employees, keep them safe and protect you from any claims as well.

Considering the higher number of employees in your business, the risk factor is always higher and hence it’s better that you invest in these options rather than paying for the consequences.

Ask yourself these relevant questions and get a better understanding of how much you need to invest in your insurance.

If you have queries and require professional guidance, you can always contact one of our agents on 855-5EXCEED for more information.

You can also log in to our website, to study different coverage options and get a better understanding of your requirements.

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