While the most common types of general liability policies cover damage to customers' goods or injury to workers, there are other types of protection which can also help protect businesses. For example, some policies can also help protect clients or residents of the business from damage or injury to themselves or others in their home. Some policies can also give businesses covered risks if they inadvertently inflict damage on people who visit their premises, or damage valuable computer equipment or supplies.
Because small business owners will be expected to take into account their specific circumstances when drawing up a policy, you should always check what the maximum payout is. Exceeding the maximum payout can result in greater out-of-pocket expenses, so you should take care to keep your costs under control. The cost of liability cover can also vary depending on the provider, so you should do some comparison shopping before deciding which provider to go with.
Another important type of general liability insurance that businesses should purchase is personal injury protection. This protects businesses against claims made by customers or employees for various types of bodily injury, including death or injury caused by a product. Claims made by customers include slip and falls, or products that are defective. Personal injury claims can also include medical malpractice and legal malpractice claims, which are not handled by general liability insurance policies.
Business owners can also protect themselves against outrageous court awards by taking out a Business Protection Insurance Policy. This particular insurance policy covers claims up to a maximum of 42 per month, regardless of your age. Your Business Protection Insurance premiums may be paid yearly, monthly, quarterly, or semi-annually, but they can be paid in one lump sum payment. If your business makes less than a certain amount of money per year, you may qualify for a reduced rate.