General Liability Insurance
This insurance protects businesses from another person or business’s claims of bodily injury, associated medical costs, damage to property, or accusation of slander. General Liability is the common insurance for small businesses and self-employed professionals, and it is typically the first policy purchased by new businesses because landlords most likely require this policy to be in place before leases are signed.
The average cost of a lawsuit is estimated to be between $4K – $200K or more.
The General Liability policy protects against advertising injury, slander, copyright infringement, and more. With many agencies, clinics, and law firms started by employees from previous ones, the likelihood of a lawsuit increases tenfold.
SHOULD A LAWSUIT BE FILED, EXAMPLES OF EXPENSES COVERED ARE:
- Medical expenses
- Lawyers’ fees
- Settlements and judgements