Protect your start-up business with this essential protection.
If you’ve just launched your start-up, it’s probably taken a considerable amount of time, effort, and money to get your business off the ground. If you want to protect your investment, it’s important that you secure the proper commercial insurance to keep your business safe. One of the most essential coverages you need to secure is general liability insurance. Here’s what this type of insurance can do to protect your start-up.
What is general liability insurance?
General liability insurance is the most basic type of commercial liability coverage. Often referred to as “slip and fall insurance,” general liability policies offer coverage for the small accidents and injuries that take place on your business’s premises. General liability insurance provides two major types of coverage: property damage and bodily injury.
- Property damage – This offers coverage if you or one of your employees accidentally cause damage to a third-party’s property. For instance, if you accidentally backed a company vehicle into a customer’s fence, your property damage coverage would pay for their repairs.
- Bodily injury – This offers coverage for the injuries that you or your employees might accidentally cause during the course of your professional duties. Additionally, bodily injury liability will offer coverage if a third-party injures themselves while on your business’s property. This coverage will pay for the medical treatment that affected parties may require as a result of your negligence or oversight.
Why do I need it?
General liability insurance is arguably the most important commercial coverage out there, and insurance experts recommend securing this coverage as soon as you establish your start-up. Having this coverage will ensure that small liability issues don’t bankrupt your business before it even has a chance to get off the ground. As an added incentive, many commercial spaces will not even let you sign a lease until you have a certain amount of general liability coverage in place. So, to protect your business and set it up for a successful future, make sure you secure general liability insurance as soon as possible.
This is why you need to protect your start-up with the right general liability insurance. Do you have additional questions regarding your commercial coverage? If so, contact the experts at the Scavone Insurance Center in White Plains, New York. Our dedicated team is ready to get you the coverage that you need today.