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Work injurySmall businesses are the backbone of the US economy. If you own and operate your own business then you are truly achieving the American dream. Business ownership is not without risks, and many small businesses or startup companies are potentially one lawsuit away from folding. This means that they wouldn’t have the funds to defend themselves or pay for damages if they were sued by a customer for an accident or injury in their workspace.

Most small businesses can benefit from general liability insurance, also called business insurance. There are many types of business insurance, but general liability should be considered your minimum policy. General liability will help cover the costs in the event your company is found at fault for an accident. Let’s take a look at what general liability covers.

Bodily Injury Coverage

If a customer slips and falls in the lobby of your building, your general liability insurance would cover medical costs under your policy. This is just one example of how a business would become responsible for the bodily injury of a customer. This can also cover a customer who is injured in their own home but through work you are doing at their house. For example, a customer could step on a nail during a kitchen remodel. Many businesses can benefit from this type of coverage even though some businesses are more at risk than others.

Property Damage Coverage

Some businesses have a high risk for damaging a customer’s property such as construction, lawn care, pest control or other in-home services. If a window installed by a contractor leaks and ruins a customer’s flooring, general liability can kick in to pay for damages. 

Libel, Slander and Copyright (Advertising Injury)

General liability insurance can protect you from accidental copyright infringement claims or from actions taken by employees that competing businesses take issue with. For example, if one of your employees posts to their personal Twitter account that their competition cut corners and does subpar work, that competing company can try to sue you for slander.

Product Damage Coverage

If you sell products, your company can be held liable for any bodily harm or property damage your product may cause. Some examples of product damage could be: food that makes a customers ill, or equipment that malfunctions and causes an injury or harms the customer’s property.

General liability insurance can help you avoid costly lawsuits and litigation. To determine if your business is high risk or what the right policies are for your business, contact your local Oklahoma business insurance agent for more information on Tulsa business insurance.

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