Understanding Insurance Issues

Reasons To Make Sure That You Have General Liability Insurance For Your Business

As a business owner or even an independent contractor, you will want to make sure that you have a general liability insurance policy in place. Not having such can put you in a very risky situation. To help you understand why having the proper liability insurance is essential, you will want to continue reading.

You Can Close On More Bids

If part of your business is putting in bids for work and competing against others from the same field, you might find that you are not going to close as many bid deals if you do not have the proper insurance coverage. This is because a lot of individuals and big companies only want to do business with properly insured professionals. Many will ask for proof of your liability insurance before allowing bids to be placed. Once you are able to show proof of coverage, you should find that it is going to be easier to find work.

You Are Protected From Data Breaches

Data breaches are not just the concern of banks or credit card companies. Even a general contracting company could be at risk of a data breach. When a data breach occurs, the financial information of both the company and all of their customers are exposed. Social security numbers, debit and credit card information, home addresses, and so much more can be stolen by criminals. Without a liability insurance policy in place, you may not be able to financially recoup from such devastating actions taken against your company. 

You Are Financially Protected From Claims Of Injury

Whether it is one of your employees or a customer that gets injured on your property or by one of your machines on the job site, you will be covered by general liability insurance coverage. This is much better than having to pay for their medical bills and other expenses out of your own pocket. Not having proper insurance coverage when an accident happens could financially ruin you.

Make sure that you are calling around to get an idea of what the cost of the insurance premium would be. Also research into how well the insurance company is at paying out claims made against the policy. This way, you will have a better chance at getting a great deal from a reputable insurance company. Set up your general liability insurance policy and make sure that the policy doesn't cancel out over time.