Starting your own business is a huge step for most people. You’re now well on your way to escaping the traditional nine to five job and becoming your own boss. However, it is important to be cautious and aware of all the things that could go wrong when it comes to running your own business. One thing to consider is the possibility of a liability issue. From slips and falls to faulty products, there are many things that could lead to a lengthy legal battle and other costs that you likely don’t have the extra money for. Luckily, general liability insurance can help.
What Is General Liability Insurance?
General liability insurance is a type of insurance coverage that is designed to address common liability risks. It is usually mandated by the state and you can incur serious penalties if you try to go without it. However, this coverage could save you a lot of money, so even if it wasn’t mandated, you’d be better off purchasing it.
How Much Does General Liability Insurance Cost?
The cost of general liability insurance can vary widely so it’s hard to give a set price. Insurance companies will look at a variety of factors to determine how much they will charge you. Some of these factors are:
- Your zip code
- Your claim history
- Your insurance needs
Running a business can be risky. General liability insurance can help.