As a small business owner, how do you protect yourself from frivolous lawsuits and accidents beyond your control? The answer is easy… General Liability Insurance!
We live in a litigious society! We have all heard these words over and over again during the last twenty-to-thirty years. How many times have we heard “I’ll see you in court” thrown around as often as a simple “Hello”? We have created a world in which we devote a great focus on the possibility of suing someone, and the proactive steps to avoid being sued.
In 2010, it was reported that the US spends roughly $310 billion – an average of $1,000 a year per person in the country – on torts. And, about half of that amount was spent on legal fees alone. How much do you have put away for your legal fees? or, is General Liability Insurance the way to go for your small business?
General Liability Insurance provides you with two major protections:
1. The duty to defend and,
2. the duty to indemnify.
The duty to defend is enacted when the policyholder is sued for acts or grievances specifically covered by the policy. It provides protection for your company’s assets if someone, for example, gets hurt on your property or in cases of property damages or injuries caused by you or your employees.
The duty to indemnify is triggered with a judgement that holds the policyholder liable and the policy pays ‘all sums’ up to the policy limit. Typically, this includes compensatory damages, nonmonetary losses suffered by the injured party, and any punitive damages that might be awarded.
Does Your Business Need Liability Insurance?
How confident are you that you will NOT be sued? Whether it is warranted or frivolous? Even if you think you are unlikely to face a claim, that you and your employees do EVERYTHING possible to ensure the safety of your surroundings, are you willing to take the gamble?
Many small business owners are also discovering that their clients are requiring them to carry General Liability Insurance. This means that having the right insurance in place ahead of time can make the difference in the ability to land clients and bring in revenue.
The cost for annual premiums for General Liability Insurance is actually quite low. It can range from $750 to $2,000 annually, depending upon your line of business and coverage needs. That is certainly a lot less than the thousands, if not millions, of dollars you could potentially spend fighting a case in court.
Protect your small business by providing the financial resources to keep it operational when the unexpected happens.
Where Can You Find Help?
Henry Insurance Service, Inc has almost 30 years of experience in identifying, analyzing and fulfilling the needs of clients, and every successful business needs complete protection against potential loss. Whether your business is a shoe store on Main Street or a multinational manufacturer, we can provide you with the security that is critical to the prosperity of your business. We have dedicated agents that specialize in General Liability Insurance, and all insurance that is beneficial to the success of your small business.
Call us today at (225) 927-0451 to find out your options for General Liability Insurance.