General liability insurance can often help you to protect your business, even if you run a smaller LLC. With the right insurance, you can obtain protection for a broad array of scenarios. There are many reasons that you should get general liability insurance. Once you’ve identified the reasons that you should get general liability insurance, you will want to consult with our team at Insurance Unlimited for guidance with finding the right policy. Here are a few of the top reasons to get general liability insurance.
If an accident during your operations results in bodily injury, you may be held liable for their medical expenses. These can build up a substantial amount over time. General liability insurance will help to cover these medical expenses if this situation occurs. This can be extremely important in protecting your business.
Property damage can also be extremely expensive to repair. If you are sued for causing property damage, you may find that you are responsible for these repair expenses. These expenses can lead to long term problems for your business. General liability insurance helps to cover the repair costs for property damage caused by your business.
Litigation is expensive. When you are sued for an accident, whether for medical expenses or for property damage, you will have to pay attorney fees. With the use of general liability insurance, you will be able to offset the expenses of your attorney throughout the process.
Protect your Business Assets
An LLC is often formed in order to protect your personal assets. It creates a layer of separation between you as a person and you as a business. However, this protection does not extend to your business assets. When you face substantial expenses, it is possible that your assets will have to be liquidated in order to cover the costs. The right insurance policy will help to protect your business assets and prevent these unexpected accidents from becoming ruinous for your business.
Being Sued Results in Fees
Even if you are ultimately found to not be liable for the incident, you will still face fees from the litigation. Being sued will result in attorney expenses and other financial considerations. With the appropriate insurance policy, you will be able to ensure that these fees are covered. This helps to protect you whenever you are sued, even if you weren’t at fault.
There are many different things that can impact your business. If your company is found to have caused a bodily injury or property damage, you will likely face extreme consequences. This can even be ruinous for a company. General liability insurance can help to protect you from these problems. For more information about the importance of general liability insurance, contact us at Insurance Unlimited today!