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The Basics of General Liability Insurance

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If you own a business, you should be aware that any damage, accident or injury can result in a lawsuit against you — even if you were not responsible. It’s the smart thing to do to protect your livelihood with a comprehensive insurance policy, which is where general liability insurance comes into play. Here’s what you as a Texas business owner should know about purchasing general liability insurance.

HOW TO DETERMINE YOUR COVERAGE AMOUNT

Evaluating the degree of risk you face as a contractor can help you figure out how much coverage you need to have. For example, if you or your employees use heavy machinery or high-voltage electricity in working with clients, you are at higher risk of bodily injury or property damage, which increases your chances of having someone sue you.

Why do Texas businesses need general liability insurance? If your employees are involved in an accident and deemed at fault, your insurance policy will cover your legal costs. Covered liability claims include personal and bodily injury, property damage and any reputational damage arising from false advertising.

THE BENEFITS OF GENERAL LIABILITY INSURANCE

Though you likely already have taken all the necessary steps to keep yourself and your employees safe and sound on the job, accidents are inevitable. Even the best-trained workers wearing the latest in personal protective equipment can make mistakes or encounter an unexpected hazard during a routine project.

To grow successfully, owners of small and mid-sized businesses must be smart about managing their finances. If someone files a lawsuit against you and you do not have a general liability policy to protect you, it can be financially ruinous. A lawyer’s fees alone can cost hundreds of dollars per hour, on top of having to pay the cost of an injured person’s medical bills or to repair damaged property. Having a general liability policy in place prevents you from having to cut into your profits to satisfy these expenses, thus protecting your bottom line.

GET THE COVERAGE YOU NEED TODAY WITH CONTRACTORS MARK

If you feel your Texas business needs additional protection on top of the existing general liability coverage, reach out to our team at Contractors Mark to learn more about how to get a customized policy that caters to you. We have been providing our expertise to contractors and other business owners since 2000.

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