General Liability Insurance
Are you considering starting a business? Are you working on your 10th startup? It doesn’t matter where you fall in this category, general liability insurance is important coverage to have. This is also the most common type of coverage you will encounter as it is often required by partners, landlords, and clients.
General liability insurance covers your assets when claims are made by third parties for slander, libel, copyright infringement, personal injury, or product liability. The experienced team at IPA Risk Management, LLC, is here to answer all of your questions about general liability insurance and build a policy that meets your every need. Call us today in Rochelle Park, New Jersey at 201.797.1084 to schedule a consultation.
Who needs general liability coverage and when?
Anyone who starts a business needs general liability coverage. Even if it’s not required at your particular juncture in the startup, it’s still a smart idea to have this coverage. Many businesses begin with investments from family members and friends. Return the favor by securing this insurance coverage. It shows your investors that you won’t have to use company funds to fight a lawsuit that arises.
If you did not acquire general liability coverage at the outset of your venture, you will certainly need it once you are ready to raise your Series A funding. At this point, any investor you encounter will likely require you have this insurance coverage in place before they invest in your startup. Some examples of businesses or professionals who should have general liability insurance include the following:
- Artisan contractors
- Small business owners
- Landscaping companies
- IT contractors
- Real estate agents
- Janitorial Services
- Many more
Why wait until this stage in the game when IPA Risk Maanagement, LLC, can help you find coverage within hours of your request? Give us a call today to schedule an appointment with a member of our brokerage.
Why you need general liability coverage
Unlike workers’ compensation, there is no law on the books that requires you to have general liability insurance to your name when starting a business. However, it’s just a smart business decision to make. It could also wind up being required by many of the business relationships you will build throughout your time as a business owner. Below, you will find the most common reasons why you will need general liability insurance with a startup:
- Stated by a business partner in a contract
- Required when leasing commercial property
- Protect against common lawsuits
- Protection against third-party exposures
What does general liability insurance cover?
You will find that general liability insurance covers quite a bit, but that it also limits what it covers when owning a business. General liability covers the following:
- Third-party Injury
- Third-party Property Damage
- Third-Party Medical Expenses
- Product Liability
- Advertising Injury
Running a business from your home might seem like you don’t need coverage. However, if you use the wrong image in a social media post, or mistakenly use copyrighted material, you can face a lawsuit from the property owner. This is covered by general liability insurance.
General liability insurance does not cover the following:
- Damage to company property
- Employee lawsuits
- Employee injury claims
- Data incident
- Professional liability lawsuits
- Claims against your directors and officers
What is the cost?
The cost of general liability insurance varies based on the business requiring this coverage. Every business is unique. We can’t simply provide you a quote without learning more about your business, what it offers or sells, where it is located, and the assets it has to its name. All of this information is necessary to build a proper policy and provide you with an accurate quote for the monthly premium. However, you will not break the bank paying for a policy that could help you save hundreds of thousands of dollars in the future.
Does my business need additional coverage?
Not every business will be able to protect itself with just a general liability policy. Instead, businesses that use vehicles to transport goods or people, own or rent a storefront, or provide professional services (education) could require other types of business insurance.
These other policies include commercial automotive coverage, professional liability insurance, and business owners’ policy (BOP) coverage. BOP coverage combines two types of coverage: general liability and protection for your property. Don’t wait until it’s too late; protect your business today with a general liability policy from IPA Risk Management, LLC.
Looking to build a startup? Secure general liability coverage today
Superior customer service, long-lasting relationships, and finding the right insurance coverage are the goals of IPA Risk Management, LLC, each time we meet a new client. We will review your situation carefully, listen to your ideas and needs, and build a policy that best reflects all of the above.
Starting a new business is risky. Protect yourself, your assets, your investors, and more with general liability insurance. Call our Rochelle Park, New Jersey, office at 201.797.1084 to schedule an appointment with a member of our team.