General Liability insurance is regarded as a policy that is designed to protect your business against third-party prosecutes. This form of policy is most commonly used to secure businesses against lawsuits or losses. General Liability Insurance is commonly termed as business liability insurance or commercial liability insurance.
The General Liability Insurance Claim can be modified according to the requirements of your business. It covers aspects like injuries, financial losses to your business, property damage, or any injury claims that could lead to the defamation of your company.
If you aim to set your business for success soon then owning general liability insurance is mandatory. This policy could secure your business and provide a solid foundation for your investments.
Sounds Interesting? Well, you should try it.
Now that we know everything about General Liability Insurance, it’s time to get an in-depth knowledge of this policy by reading about some common general liability insurance scenarios.
1: Anything can happen at any moment
All it takes to destroy everything is just a moment. A second can change your life and the way your business runs. Suppose about buying a new company. For establishing your office, you get a building on rent where you will hold your meetings and run your organization. Remember, you have not bought the building.
Suddenly, a fire broke out in the entire building. It will result in a huge loss for your assets and company. However, if we leave our interests aside, we will see that the owner of the building we’ve rented could fire a lawsuit against us for damaging his property.
This scenario is very close to real life. If something like this happens, you can be saved if you have bought general liability insurance against the building. Once you make your claim against the insurance, you will be granted all the money that has been lost during the incident.
Bad luck can appear in any form at any time. We are never sure of what is next for us in the store. Therefore, having a back-up plan for our liabilities will not only save us from further inconvenience but will also save our lives from getting into serious troubles.
2: A Sudden Housebreak or Theft
It is not a very rare case. These days, theft has increased to a great extent. Everyone’s safety is at stake because of emerging threats. These threats and risks are even more serious when we talk about businesses. Businesses are often prone to get attacked by robbers.
In the worst scenario, you will have to claim your general liability insurance if something like robbery or theft happens at your end. It is always advised to take proper precautions and measures to prevent getting into a situation where you will have to make such claims.
In many cases, the robbers are not outsiders but the employees working in your very own firm. There are some even shocking cases as well where the robbers are the insurance providers themselves. Whatever might be the case, an organization should protect its liabilities by taking action and avoiding oversharing the information in the organizational structure.
3: A Claim can be made when your Customer gets Injured
It might sound weird but if you are from a company, you must know the precise issues to take care of. From managing the assets to taking care of the kids of your customer, everything falls on your shoulder if you are the manager or the owner of the company.
This scenario is very common and happens at most business levels, regardless of being a higher or lower level. Suppose that a customer enters your company. He might have brought his kids with himself. Suddenly, the kid gets injured due to falling from the stairs. The injury is serious and the kid has to be taken to the hospital.
In the above-mentioned scenario, the customer would point out your company for not taking care of their customers consequently asking you to pay for all the medical charges along with putting all the blames on you. Isn’t it unfair?
However, you should not worry if you have general liability insurance at your end. All you have to do is to make a claim and you will get your payment. After this, you can pay for all the bills and leave your customer satisfied.
4: You can get sued for Copyright Infringement
In recent times, getting sued for copyright infringement in businesses and corporations has become very common. The reason for this is the emerging social media that has taken over the world.
Each form of data is vulnerable and can be accessed easily. However, with this unsafety of user’s data, the social media security associations have passed strict laws under which no one can copy or use any sort of content.
If something like this happens, the person copying is considered a thief and charged for copyrighting infringement. Let us understand this with the help of a scenario:
Suppose you get your company an advertising campaign to increase your sales. You have spent all of your resources on this campaign because your goal is to get the maximum number of audiences. Out of nowhere, a company comes and claims to be the owner of the advertising content you are using.
What are you going to do now?
Well, you will have to face the lawsuits and hire a lawyer to get this issue resolved. After the prosecution, if you are still charged for copyright infringement, you will be required to pay a fine.
However, if you have general liability insurance, you will be saved from the hassle.
Also read: Does Car Insurance Cover Natural Disasters?
The Final Verdict
It is quite evident that there are so many general liability insurances based on the context and nature of the incident. All of the above-mentioned contexts are commonly occurring incidents that a business usually faces when running an organization. However, if you want to ensure the security of your corporate, you should get your company general liability insurance to stay away from any dangers.