Do I Need Liability Insurance?
Posted November 08, 2021 in Liability Insurance
3 Minute Read:
If someone feels your company has harmed them, they may file a lawsuit against you. Liability insurance will help pay the bills for these judgments, settlements, and legal fees.
When you are liable for something that goes wrong, liability insurance will help protect your assets. Therefore, it’s good to get coverage even if you don’t think anyone will likely sue you.
Is Liability Insurance Expensive?
Like all insurance, the cost of coverage varies depending on unique factors. Examples of this include policy size, location of the business and industry. The best way to find out if general liability insurance is affordable for your business is by shopping for rates and making a comparison.
Luckily, with a respectable insurance company like Gallant Risk by your side, you are likely to get the best deal.
Gallant Insurance & Insurance Services, Inc. offers a range of insurance products to take care of what you value most. As well as great service, you get great value. Call (951) 368-0700 today for a quick quote or take care of your policy online.
What Type of Business is Eligible for Liability Insurance?
Naturally, some professions need this type of liability insurance — lawyers, doctors and financial advisors, to name a few.
But even if you don’t work in those fields, liability coverage is also a good idea for businesses like:
- Retail
- Most artisan contractors
- Real estate
- Restaurants
- Professional services
- Wholesale/distributors
Is It Better to Buy Professional Liability Insurance or General Liability Insurance?
You will need both to protect your business, but they work in different ways.
The possible causes of action that may be covered through professional liability insurance include alleged mistakes arising from professional, negligent acts or omissions involving the rendering of service or advice, breach of fiduciary duty or contract, product liability (damage or loss due to faulty products) and the unauthorized use of materials belonging to your corporate client.
But, the policy does not cover physical injuries or damaged property; hence businesses need general liability insurance. With both types of insurance, you are protecting yourself against compensation sought by injured parties, legal fees and damage to your hardware or other materials.
What Extra Policy Options Are Available?
Knowing what types of insurance your business needs and how much to get can be confusing and intimidating for new and experienced business owners alike.
Remember that one-size-fits-all “recommendations” will not be suitable for every company because each business model and industry has specific risks and liabilities.
Each insurance policy is unique; we want to check your specific situation and provide the right options for you.
How Do I Benefit From Buying Directly From Gallant?
- When you contact Gallant Risk, you will deal with a licensed small business insurance agent who specializes in small businesses like yours.
- With Gallant Risk, you can talk to someone who is specialized in your type of industry. Our team offers you personalized insider knowledge about the insurance that they provide.
- When you work with Gallant, you won’t have to pay for layers of bureaucracy. You’ll get fast, personalized service at a cost that won’t break your budget.