Running your own business comes with many upsides. You get to be your own boss and likely make a lot of money doing so. However, running your own business also means that you take on a lot of risks. All it takes is one accident for you to end up facing a lawsuit that you may not be able to handle. Luckily, business liability insurance can protect you from a lot of this risk.
What Is Business Liability Insurance?
Business liability insurance, also called general liability insurance, is a type of blanket insurance coverage that can protect you and your business from a variety of different liability-related costs. It is generally considered a must-have for most business owners and many clients/employers will not even consider working with you if you don’t have this type of coverage.
What Types Of Costs Are Covered By Business Liability Insurance?
Business liability insurance can offer you a lot of protection for many common liability costs. Some of the things covered are:
- Bodily injury claims
- Property damage claims
- Personal and advertising injury
- Damage done to premises you are renting
- Medical payments
Running your own business offers a lot of freedom but also comes with a lot of risks. Business liability insurance can help offer you far more peace of mind.