Why Do Businesses Need General Liability Insurance?
Liability insurance protects your business against risks that are inherent today and, unfortunately, part of daily operations. You may have a small amount of liability protection with your property insurance for things like minor slip-and-fall injuries, but a general liability policy gives you much more coverage, and it can be applied to other legal risks as well.
Without the right liability protection, your Colorado business could be vulnerable to lawsuits. If a plaintiff is awarded damages, you’d have to pay this expense on your own without insurance. If you do any of the following, you need general liability insurance, also known as commercial liability coverage:
You may even be required to have general liability insurance to bid on certain contracts, such as municipal or Colorado state projects.
What Does General Liability Insurance Cover?
General liability insurance is broad protection for lawsuits where another party is awarded damages that you have to pay. It can be customized to the type of business you operate to cover places you are most vulnerable. Some businesses, for instance, carry employment practices insurance in case of wrongful termination, discrimination, or harassment incidents.
Directors and officers insurance applies when the directors or officers of a company are found negligent, have made misleading statements, or have omitted crucial information that caused harm to someone else. There are various types of directors and officers insurance, such as personal liability, corporate reimbursement coverage, and entity coverage.
Errors and omissions insurance, also known as professional liability insurance, is favored by people whose work must be correct in order not to cause harm to others. This type of liability coverage is often purchased by attorneys, accountants, engineers, architects, and technology specialists.
Why Are Independent Agents the Best Choice for Business Insurance?
The last thing clients want in their business insurance is gaps in coverage that could have devastating financial repercussions. That’s why an independent insurance agency is best because we take the time to learn all about every business to ensure it's properly covered. For example, we might recommend a business umbrella policy or inland marine coverage in addition to your liability policy, depending on the type of business you run and the need for increased or specialized protection.
As independent agents, we are known for our personalized service and for treating clients like friends and family. We also have more business insurance options because we’re not tied to just one carrier.
To learn more about general liability insurance, call MAC Insurance & Financial Services, Inc today at 303-368-3000 or get a quote online. We are licensed in 30 states and ready to help.