Chicago, IL (PressExposure) August 12, 2009 -- /1888PressRelease/ Running your own business can be an exciting and rewarding experience. But how can you be sure your most prized asset, your customer base, wonât try and profit from your business by suing you for harm your product may or may not have caused?
There is no doubt we live in a litigious society. Common people are always looking for ways to make a quick and easy buck and lawsuits are always happening in high numbers. According to an article recently published on InsuranceAgents.com, general liability insurance serves to protect your business from outside threats. The article states, âSimply put, general liability insurance secures the assets of your business when it is sued for something involving either injury or property damage, regardless if your business is responsible or not.â
Most business-owner policies generally come with a general liability insurance component but those usually only offer limited coverage. If you are wondering to what extent your company needs to be covered you need to look at two key factors, according to the InsuranceAgents.com article.
First, what state does your company operate in? Different states have different histories on how generous they are with awarding plaintiffs generous settlements. If your state is notorious for leaning toward the plaintiff in most cases then you might want a more extensive general liability insurance policy.
Also, you have to take a hard, long look at the amount of risk the products your business manufactures generates. If your business manufactures chainsaws then you are more prone to lawsuits and will need more coverage than a business that manufactures stationary.
Either way, if you own a business, InsuranceAgents.com suggests you look into some form of general liability insurance. The article states, âIf you are just starting your business or are worried how you will pay for a lawsuit should one be filed against you, then donât wait any longer and look into purchasing a general liability insurance policy because the livelihood of your business could depend on it.â
staff contribution: Kyle Fitzsimmons.
Visit InsuranceAgents.com for more information.