Once you become a business owner, you are responsible to protect your customers from injuries or property damage that your products or operations may cause. To fulfill this duty, you will need adequate insurance coverage.
Many different types of business insurance are available, each of which provides a specific set of protections for you, your business, and your consumers. The exact combination of coverages that you will need will vary based on the industry that you operate within.
However, every business, yours included, must have a general liability commercial insurance policy. Join us as we explore why you need a policy and how you can obtain one.
Consumer Injury Statistics You Need to Know
Customer injuries occur far more frequently than you might expect. These injuries vary greatly in terms of both scope and cause. However, the cause of all consumer injuries can be lumped into three broad categories: product-induced injuries, operations-related injuries, and on-premises incidents.
According to the Consumer Product Safety Commission, 11.7 million people received emergency room treatment for injuries suffered while using consumer products in 2021. These figures include injuries from products like household cleaning supplies, sports equipment, and even televisions.
Operations-related injuries are any incidents that occurred as a result or byproduct of your business’ operations. For instance, if you have a commercial fleet and one of your vehicles is involved in an accident, this would be considered an operations-related incident.
According to the Federal Motor Carrier Safety Administration (FMCSA), buses and large trucks were involved in approximately 510,000 crashes in 2019. While costs associated with these incidents are primarily covered by auto insurance, general liability coverage can also provide some protections.
The third category of injuries you can protect consumers from is on-premises incidents. This category includes any injury claims for incidents that occur on your property.
Of the possible on-premises injuries that consumers may suffer, “slip and falls” are the most prevalent. The National Floor Safety Institute (NFSI) has found that slip and falls account for more than 1 million emergency department visits annually.
What Is General Liability Commercial Insurance?
General liability commercial insurance protects your business if it is liable for injury or property damage caused by its operations, employees, services, or products. It also covers injuries or property damage caused by negligent acts.
Modern general liability commercial insurance will cover medical expenses if your business or its products injure a customer. The policy will also cover your business’ legal expenses and any punitive and compensatory damages you must pay to the injured party.
General liability coverage protects both your business and the consumers you serve. If you are searching for a simple way to obtain general liability coverage for your business, Simpay Insurance Solutions can help. We have access to markets and rates our companies don’t, allowing you to get a great rate without compromising your level of coverage.
There will always be daily risks with operating your small business, which is why general liability insurance can help protect your customers and protect you from claims that can be unavoidable. Whether a customer is injured on your property or your company vehicle is in a collision, the coverage will help you to avoid paying out-of-pocket for legal claims.
