What is the main objective of having a general liability insurance? Well, if you are talking about objectives or purposes of the said insurance, there are a lot of reasons to cite. However, the first and foremost priority of this kind of insurance is to protect the company itself.
Purchasing a commercial general liability insurance has many good things to offer. These include the following benefits: bodily injury liability, property damage liability, personal injury liability, advertising injury liability, contractual and tenant’s liability, financial loss liability, lawsuits, investigations, and settlements.
When you hear the phrase bodily injury liability, it means protecting a company or a business when an injury occurs and is cause by the operations of your business or within the company’s premises. The property damage liability, on the other hand, aims to protect a company or business when there are damages that eventually occurs towards the property of others. Get more Interesting details about business liability insurance on generalliabilityinsure.
Personal injury liability further safeguards the company or the business for offenses like false arrest, slander, and wrongful entry. Meanwhile, the advertising injury liability can cover several legal offenses which might suddenly occur when your company or business’ marketing team happens to violate rules regarding copyright and the likes.
For contractual business operations, there is a contractual and tenant’s liability as well. This liability can protect the space you have rented against serious offenses which might occur if you unfortunately enter a contract that is lease. Moreover, if the legal offense are filed against the owner of the company and he has been surd, there is a liability for lawsuits, investigations, and settlements. This kind of liability can cover all the lawyer and investigation expenses as well as the medical bills in case there is an occurring injury. In addition, general liability insurance guarantees that the owner of the company will never incurred irrelevant or unnecessary financial losses. That is why there is a financial loss liability policy for unexpected losses.