What Doesn’t Your Business Insurance Cover?

​No matter what goods or services you offer, just opening your doors each day to customers exposes you to a host of liability concerns. In your store, a client could trip and fall. One of your staff may unintentionally harm a client's residence or place of business. You could be sued for defamation if you disparage another company in your advertisements.

Numerous circumstances could result in a liability claim being made against your company. Additionally, suppose you are found to be at fault. In that case, the payout from a lawsuit might cost your business tens of thousands or millions of dollars, not to mention the reputational harm to your company. Here are some of the things that your business insurance might exclude from your plan:

1. Intentional Harm
   Your policy does not cover intentional harm caused to your own goods or property by you or another insured party because it only covers third-party damages.
   
   Say your top worker is experiencing the worst day of his or her career. He loses control of his temper and, in an uncommon act of vengeance, throws a wrench through someone's window.
   
   Normally, your general liability insurance would provide coverage for damage to someone else's property that was caused by you (or one of your employees). Not in this instance, though. Because no insurance coverage may pay for malicious destruction.
   
   
2. Injuries Toward Staff
   Only accidental injuries to third parties may be covered by general liability insurance, not mishaps resulting in harm to your employees. General liability, for instance, can pay for it if a customer trips and falls inside your restaurant. However, if one of your servers slips and gets wounded, your insurance might not be capable of paying for her medical bills or a possible lawsuit.
   
   It's critical to have both general liability insurance and workers’ comp insurance to protect your employees. In fact, if you employ people, having workers' compensation insurance is a legal requirement in most states.

Conclusion
You are not required to get general liability insurance in most states. But without it, you're taking a gamble since there is so much on the line. A strong business general liability policy is the first step in providing your company with sound financial protection.

At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!