Essential Insurance for Your Business

Everyone knows general liability insurance is a must-have for any business owner, but not everyone knows why this type of protection is so important or what it actually does. Knowing how to protect your assets and future in the industry can make the difference in operating a successful commercial enterprise.

General business liability insurance protects your company’s assets and can pay for obligations, such as medical treatment, for example, if someone is injured on your property. It can also help protect you should any property damage occur to a third party while on your premises or due to one of your employees. Liability insurance also helps cover the cost of your legal fees and defense costs in the event your business faces a lawsuit. It will even cover the costs of any settlement should you be successfully sued.

If you rent your business’ facilities rather than own them, general liability insurance can even protect you against any liability as a tenant if you cause damage to the property. It can also cover claims of false or misleading advertising, including libel, slander, and copyright infringement.

In today’s litigious society, no business can afford to forgo the protections of general liability insurance. Considering that premiums average anywhere from as little as $750 and up to $2,000 a year (depending on the type of business you own), it’s a relatively small investment for the protection it offers. Even if you are sued and win, the legal fees for just one court case can be several times over the amount you pay for general liability insurance.

The amount of liability insurance and the coverage options you need depend on the type of business you operate. A building contractor’s insurance needs greatly differ from a web developer’s needs. That’s why it’s important to work with a knowledgeable, independent insurance agent, such as those at Lanoix Insurance.

Contact one of the experienced and qualified agents at a Lanoix Insurance agency near you, who can help identify your business’ liability needs, suggest coverage options and even assist you in filing a claim. Because we are an independent agency, we can assist you in locating several quotes from a variety of insurance providers, ensuring the policy you find will offer the best protection at the most competitive rates.

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