Business & Finance

How to Prevent a Business Disaster in One Easy Step

business disaster general liability insurance

If 2020’s pandemic proved anything, it’s that disaster can strike at any moment. In today’s current economy, a business disaster is often hard to predict and even harder to recover from.

That’s why it’s so important to invest in a secure business disaster prevention plan. Prevention, after all, beats intervention every time.

Every good business disaster plan has one thing in common: trustworthy general liability insurance.

What is general liability insurance and what does it cover?

General liability insurance is business insurance that covers injury, illness, and property damage claims, among other things. Think of it as a safety blanket that covers your company’s basic needs.

To be specific, general liability insurance is designed to cover any claims the public tries to make against you. This includes faulty business products and services, unsafe work conditions, and maintenance problems.

If someone slips on an icy patch of sidewalk next to your storefront, this insurance will cover it. If an employee falls off a ladder and breaks a knee—you guessed it—general liability insurance will come to the rescue.

Does general liability insurance cover large coporation business disasters or small business ones?

Though every company should have at least a basic general liability insurance policy, small to midsized businesses stand to reap the most rewards.

Small businesses don’t have the same security as large corporations. When a business disaster hits, they can’t rely on a team of expensive lawyers or a public relations department to save them. In many cases, even a small business disaster like an injured employee could damage an uninsured business beyond repair.

How much does general liability insurance cost?

This question, though important, has a slightly more complicated answer. Business insurance costs vary by location. General liability insurance in San Dimas, for example, is likely more affordable than most insurances in New York City.

When insurance companies give you an estimate, they also take your industry and products/services into account. If your product is potentially a choking hazard, you may have to pay more than the average business for insurance. If, on the other hand, your services are relatively low-risk, you may enjoy lower prices.

How can I find quality general liability insurance?

There are lots of insurance companies out there but it’s important to find the one that’s going to be the most affordable—and appropriate—for your business.

Though it may be tempting to purchase only the cheapest coverage, you’ll benefit most from a policy that offers mid-range coverage for mid-range prices. That way you’ll feel protected from any common business disaster, and you won’t have to bankrupt your company to do so.

Research both large and small insurance companies. Be sure to check reviews from past clients, and always, always, read the fine print. Above all, don’t delay. Insurance shopping is stressful at the best of times, but it has to be done.