Owning and running a business in Wyomissing, PA, and the surrounding areas is a challenge, and you put your heart and soul into keeping it going. Don’t shortchange yourself by not having the right protection, including general liability insurance from Stubbs Insurance Associates, Inc. Even when you try to do everything right, eventually there will be a situation that could bankrupt the business without general liability insurance. From someone claiming that they slipped and injured themselves on your premises, to a claim of property damage by an employee, or even defamation or slander, the number of situations where your business could become a target is countless. Having this important protection in place can help protect your business from having to end operations and keep yourself and others employed. Contact our team today to learn more about the importance of having a solid general liability insurance plan.
It Is the Most Common Business Insurance Policy
Because nearly every business deals with customer interactions, the potential is there for a customer to become injured. This could be an injury sustained while on your property, or it might be due to an advertisement where defamation or slander is insinuated from someone, or even property damage that was done during the course of work you were doing for a client. All of these incidents will be covered under a general liability insurance policy.
How much coverage will your business need? When looking at low-risk businesses, including retail shops and consultants, a level of $1 million per occurrence and $2 million aggregate is fairly typical. Other businesses that have a higher risk factor will often want to have these figures at $2 million and $5 million, and possibly even higher.
Legal Defense Costs Associated with Injury or Damage
Even when a lawsuit is frivolous or baseless, you still need to defend yourself, and that can be expensive. When it comes to dealing with the legal fees for these events, your general liability insurance is what will kick in and cover these expenses on your behalf. Medical payments are also covered so that small issues don’t have to mushroom into large and expensive lawsuits. Your general liability insurance is the protective shield your business needs.
Starting a small business is exciting in Wyomissing, PA, and the surrounding areas, but you need to think about your future and making it to that future goal. Working with Stubbs Insurance Associates, Inc. to get the right insurance in place, including general liability insurance, will ensure that your future looks bright and you don’t have to worry about an incident ending your business. Contact us today to schedule a time to review your general liability insurance needs.