3 Key Benefits Of General Liability Insurance
If you are a business owner, you want to ensure that you are doing everything you can to protect your business and ensure its continued success. One way to do that is by carrying a general liability insurance policy. Although you may not be legally required to carry this insurance, doing so can offer you many benefits that are important to consider.
Benefit #1: Protect Against Data Breaches
There is no denying that the internet and cloud storage has become vital to businesses. Even if you still sell everything in a storefront, you probably use online-based cloud storage solutions to process payments, track inventory, and order supplies. You have information on your computer and in the cloud that is vital to the successful operations of your business.
Most general liability insurance policies now contain an electronic data liability provision, as the importance of electronic data is here to stay. With this protection, if your company is hacked, your insurance will back you up. This provides you with at least some level of protection against data breaches. You can expand your online protection as well by adding cyber liability coverage to your general liability insurance for more robust online coverage. You should do this if you sell items online or have a more robust digital presence.
Benefit #2: Stop Worrying About Injury Claims
As a business owner, injury claims may lurk in the back of your mind. You may worry about having to pay them. You may fret about keeping your workplace as safe as possible to ensure that no one ever gets injured on your premises. The truth is, even if you have a perfectly safe workplace, accidents happen, and a customer or visitors could get injured, resulting in an injury claim.
When you have a general liability insurance policy, you don't have to worry about injury claims all the time. If someone is injured, your insurance will pay their medical bills and lost wages. If they sue you in a court of law, they will take care of the legal fees. You will be covered.
Benefit #3: Close Bigger Contracts
If you are a contract-based business, where other businesses employ you to complete contracts for them, having a general liability insurance policy can allow you to close more and better contracts. Many bigger businesses will only work with a company that has a general liability insurance policy. Having a general liability insurance policy will help you stand out from your competition, and allow you to land bigger and better contracts that will ensure the success of your business.
A general liability insurance policy can protect you against data breaches and against injury claims. It can also allow you to close bigger contracts. It is one of the best ways you can protect your business against the unexpected and expand your business's potential.