General liability is an essential type of insurance for small businesses. This is because it protects a wide range of risks, including accidents that occur on your business’s premises, injuries that occur as a result of your products or services, and errors or omissions in your advertising. These risks can turn into costly claims and without coverage, businesses are risking their financial stability.
General liability will help cover legal expenses and damages awarded.
Additionally, general liability is usually required by certain stakeholders in order to operate your business. These stakeholders can come in the form of a customer you are performing work for or a landlord. They want to make sure that if a costly claim happens, they won’t be on the hook because you are unable to pay the damages.
Without coverage, you could be on the hook for paying out of pocket. This could put a serious strain on your business’s finances and could even force you to shut down.
