November 1, 2019
Many small business owners don’t realize the risks associated with owning a business until they are hit with an expensive lawsuit. Claims can cost a business thousands or even millions of dollars, and oftentimes businesses don’t have the financial means to pay these hefty expenses on their own. This is where liability insurance comes in.
Have you been thinking about getting liability insurance for your business? Here are a few of the most frequently asked questions to help you determine if your business needs it:
What is Liability Insurance?
Liability insurance protects a business/ business owners from having to pay out of pocket in the event of a formal lawsuit. A liability insurance policy helps pay for related expenses associated with a lawsuit such as legal fees, settlement costs, and medical expenses.
Why Do I Need Liability Insurance?
Owning a business, regardless of the size, has some risks. To put it simply, you need this insurance to protect your business from the unexpected. Even though it’s not required by law, it’s something that every business should have to protect them from having to pay out of pocket for any expenses related to a claim.
What Does General Liability Insurance Cover?
General liability insurance protects your business from many types of liability claims such as:
- Bodily injury- claims that your business caused bodily harm.
- Advertising injury- copyright infringement claims.
- Property damage- claims that state your business caused damaged to the property you are renting.
- Reputation Harm- claims of wrongful discharge, libel, slander, and more.
How Much Does General Liability Insurance Cost?
The answer to this depends on a wide range of factors. Some of the factors that will determine how much you pay for a liability insurance policy are:
- Type of business
- Location of business
- Years of experience
- Claims history
How Do I Get Started?
If you’re looking for liability insurance in Maryland, American Heritage Insurance Agency understands the importance of having the right amount of coverage in the areas you need it most. We are dedicated to finding you the best liability insurance policy for your business. Call or contact us today to get your business protected!