Unfortunately, accidents are a part of life and can cause injury and damages. Under the law, if a person is injured or incurs property damage due to the negligence or actions of your business or employees, your company can be held liable to pay for these damages. These costs can quickly add up and put your business in jeopardy. General liability insurance exists to help you pay for these incidents.
There are many types of common accidents that can occur as part of your business practice. If someone slips on ice in your parking lot, an employee breaks a window during a product delivery, or your rental office space burns down due to a space heater, you may be responsible for paying the medical costs and damages. This coverage can provide financial protection for a wide range of situations.
In Massachusetts, general liability coverage covers both medical costs and expenses stemming from lawsuits related to injuries or damages sustained due to your business. It is often considered an essential policy for businesses to have, to protect your assets.
When someone is injured on your property or job site, or you or your employees cause physical damages to someone else’s property, your general liability policy is there to help cover the expenses including:
General liability coverage can also help pay for damages caused during an accident if you rent your office space. If you cause the building owner to have to repair the building, your general liability policy may pay some or all of the costs.
Your general liability policy will typically only deal with physical injury and damages, leaving you open for other areas of legal liability. You should discuss with your agent the specifics of your general liability policy to discover what coverage gaps you may have. You may benefit from purchasing specialty liability coverage such as:
For many companies, purchasing enough general liability coverage to fully insure every possible scenario is not financially feasible. For a fairly low additional premium, business umbrella insurance can be a wise investment to extend your general liability coverage.
General liability coverage is an essential policy for most businesses. As such, it is included as part of the standard coverage offered in a business owners package policy. If you have a business owners policy, you should already have liability coverage. Be sure to check your limits and add additional liability coverage if needed to more fully protect your business.
No one intends for an accident to occur. However, some accidents can be traced back to the actions - or inactions - of you or your employees. When this occurs, your Massachusetts business is at risk of getting sued for the damages. General liability insurance helps to cover many of the costs associated with common accidental injuries and damages.