General liability insurance (GLI) is a type of coverage that offers protection for third-party property damage or personal/bodily injury caused by your business. Many people buy it as a standalone coverage. In comparison, others prefer adding it along with other policies, such as the Business owner’s policy.
General liability insurance in New Jersey is specially designed to help businesses get protection against financial losses that may occur as a result of-
- accidents, injuries, or
- other unforeseen events.
This blog describes what the GLI covers, who should buy it, what wrong can happen if you don’t have this policy, and how to find the best company to get this insurance policy.
Let us start with what does it cover?
This insurance policy covers the following-
- Legal fees,
- Court costs,
- Other expenses associated with defending against a claim or lawsuit.
- Settlement costs in case a claim is settled outside of court.
GLI is an important insurance policy for businesses and individuals. The coverage provided by this policy depends on the following factors-
- The type of business you are running.
- Specific policy.
- Type of activity being insured.
Who can consider getting GLI?
Generally speaking, it is recommended for all sized businesses or individuals who may get involved in any activity that can lead to personal injury to others, damage to the property or bodily injury, etc.
Here we list some examples of businesses that can consider investing in general liability insurance in New Jersey.
- Construction companies.
- Retail stores.
- Healthcare providers.
- Home-based businesses.
- Service providers such as accountants or consultants..
- Non-profit organizations.
This policy is beneficial for individuals as well. For example- Freelancers, landlords, and homeowners. You might be wondering how these individuals could benefit from it. Well, here is a piece of information for you.
- A homeowner can get protection against liability claims if any person gets injured on their property.
- A freelancer can get protection against copyright claims etc.
In short, any person engaged in business or activities resulting in liability claims can get this policy to protect himself financially.
What could happen if you don't have GLI?
If you don’t have this policy, you may face financial losses. You will be required to pay any costs associated with any liability claims or lawsuits that can occur as a result of your business operations or activities. These costs may include court costs, legal fees, settlement costs, and much more.
A single liability claim may even bankrupt your company if you are running a small business. And it could be the worst situation. If you don’t have this policy, you will be responsible for paying these costs out of pocket. And this can negatively affect your business as well as your personal finances.
On the other hand, buying general liability insurance in New Jersey can provide peace of mind. You can rest assured that your business and its assets are protected in case of any lawsuit or liability claim.
At first, you may think it’s an additional and unnecessary expense. But once you realize the importance of this policy, you can understand how beneficial it is to invest in GLI to protect yourself and your business in the event of unexpected financial loss.
Now, you may also want to invest in this policy. Right? Go ahead! You are taking a good step towards your business protection. But now, the question arises, how do you choose the best company that offers this policy?
Keep scrolling to learn about a few tips!
Tips for choosing the best GLI policy provider-
Experience matters a lot. Search for a company known for providing various insurance policies to clients across New Jersey for many years. You can browse their website or ask friends or other business owners for references.
Check coverage options-
Contact a company offering various liability insurance coverage options to fulfill your business requirements. You can contact a few insurance providers and compare their coverage costs.
Ask for a price quote-
Before investing in any insurance policy, ask agents about the estimate. Then, if the costs suit your pocket and the policy meets your needs, you can go ahead.
Discuss the claims process-
Always discuss how the insurance provider handles claims and how they process them. Ask how much time it will take to finish the claim process.
Choosing the best company offering this insurance policy requires careful research. So, take time from your busy schedule and start researching the right insurance company. Ensure you follow all these tips while searching for a trusted insurance provider near you. It’s good to buy liability insurance in New Jersey from a reputed company that offers comprehensive coverage and customer support at a price that suits your needs and pocket.
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