Legal costs for a small business lawsuit typically range from $3,000 to $150,000. However, GLI covers the attorney costs, settlements, and other court fees, saving your business from being financially devastated by one lawsuit.
Carrying GLI shows the public, business community, and your staff that your business takes responsibility for the safety and well-being of others.
Carrying liability insurance further demonstrates your business is well-established, thus giving a favorable impression to your clients and contractors. Some contractors only do business with vendors who carry some form of liability insurance.
Another benefit of GLI is that it pays for periods of business inactivity due to covered perils such as theft, vandalism, natural disasters, or fire.
After purchasing a standard GLI policy, you can add extensions for customized coverage, such as cyber liability insurance. Any business can get hacked and if it happens, plenty of confidential data can be compromised. Cyber liability insurance can pay for data remediation expenses and legal costs.
Understanding general liability insurance benefits will help you appreciate why you pay for coverage. Contact our reputable agents at Chambers & Company Insurance Brokers to learn more about general liability business insurance. We are ready to help you find the right insurance coverage for your business needs. Click on the link below to contact us!