In an imperfect world, any number of things can happen that may have devastating financial consequences for any business, including yours. No business is immune to the risk of accident or injury to an employee or customer, or the damage or loss of their property. Businesses can be sued for negligence for any number of reasons, such as harm caused to customers by faulty products or an accident on the business premises. That’s true whether you run a contracting business, a gas station or grocery store, or an office-based service company. General liability insurance is the best way to ensure that a lawsuit against your business doesn’t destroy its future.
You might be questioning why you need general liability insurance if Worker’s Compensation covers workplace accidents. While Worker’s Compensation helps the injured worker by replacing a portion of lost wages and paying some medical bills, the business owner can be still be sued by the worker for damages, medical expenses, and legal fees. Commercial general liability insurance ensures that your business won’t be bankrupted if you lose such a lawsuit.
You will need to make a couple of important decisions when purchasing commercial general liability insurance, namely the maximum amount of coverage and the size of the deductible. In the insurance world, the higher the deductible, the less you will pay in premiums. Some business owners make the mistake of taking on a deductible that is higher than they can afford to pay out of pocket in order to pay a lower monthly premium. The experienced agents of Houston National Insurance of America will help you decide how much commercial general liability insurance you need and what deductible is best for you and custom design the perfect policy for your business needs.