If you are just about to start your business, one of the most important insurance policies you would be expected to have is a General Business Liability Insurance. This policy will help protect all of your business assets and also cover all medical expense of any third party injuries or damages caused by you or any of your employees. Third party refers to anyone besides yourself and your employees. If an accident occurs, the third party could decide to sue for damages or loss. This insurance policy will also take care of all legal fees, compensatory damages, etc.
So you may be thinking all of this is too much and your business may not need such coverage. You better think again! We live in a society we can rightly classify as litigious. Anyone can get sued at any time because of anything. As a growing business, the last thing you would want on your plate is trying to fight a case in court. If you consider the amount paid as annual premium for this policy, you would see it doesn’t even compare to the thousands or millions your business could be sued for.
You can walk into any reputable insurance company to get this policy alone or you could decide to opt for a Business Owner Policy (BOP) instead. BOP has general business liability insurance as part of its insurance packages. Ensure you speak with a professional in the company to know what the limit for the general liability insurance in the BOP. Usually the limit is lower than when you get the policy alone.