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An Overview of General Liability Insurance for Business Owners: Are You Vulnerable to Claims That Could Shut You Down?

If you own a business in West Virginia — especially a small one — you could be at risk of lawsuits and other liability issues that lead to financial disaster. Here’s how to protect your company with general liability insurance.

What Is General Liability Insurance?

General liability insurance, also known as commercial liability insurance, was created to protect businesses from liability claims, like slip-and-fall injuries on their premises or a customer getting hurt because of advertising. Liability lawsuits and settlements are running businesses today over $1 million in damages per incident on average. Would your business be able to pay that without insurance? For most companies, it would be a hardship that might force them to close their doors permanently.

General liability insurance protects you in these cases by covering judgments and settlements up to a predetermined limit. It also pays for legal fees, court costs, and related expenses.

What Are Some Specialized Types of Liability Coverage?

Most companies carry basic business liability insurance. But you may also want to consider more specialized coverage for different needs, such as:

  • Errors and omissions insurance, if your customers would be seriously affected by a mistake on your part - common with accountants, lawyers, etc.
  • Employment practices insurance to cover you in case of allegations of harassment, discrimination, wrongful termination, etc.
  • Directors and officers insurance to protect your company’s leaders if they are found to be responsible in a liability incident

Is Liability Insurance Enough to Protect Your Company From Financial Risk?

There are other scenarios besides liability lawsuits where your business could be financially vulnerable. We encourage our business clients here in West Virginia to consider these types of coverage too:

  • Business umbrella insurance, which gives you more liability protection and can be applied when the cap in your general liability insurance is reached
  • Workers compensation, in the event an employee is injured on the job
  • Cyber insurance to protect in incidents involving hacking, data breaches, or ID theft
  • Inland marine insurance if you transport expensive items for other entities
  • Commercial auto coverage for any vehicle involved in your business operation
  • Property insurance for your business premises, equipment, tools, and inventory
  • Bonds, if your promise to complete a job is required for projects

Independent Agents Are the Best for Customized Liability Coverage

Your business is unique, so you should get a business insurance policy tailored just to your company. If you go to a large insurance provider, you’ll only have a few options to choose from, but if you work with our independent agents, you’ll have a much larger selection at your disposal. We work with all the major carriers, plus many others, so we can customize your insurance, including your general liability coverage.

To enjoy our personalized service from local agents in your own community, call Wickline Insurance at 304-252-1483 today, or use our online form to start a policy at any time.