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General liability insurance is business protection most companies need to carry. No matter the type of industry, there are risks to operating your company. This insurance helps to reduce some of the potential for financial loss from those risks. Yet, many business owners don'timage of business owner outside of her kentucky flower shop see just how important this type of insurance is. Consider these common myths. Then, speak to your business insurance agent to learn more about your coverage.

#1: Is a BOP Good Enough?

A Business owner policy (BOP) is one form of coverage that combines property and liability protection. However, most of these policies offer a basic level of general liability insurance. In many industries, this is not enough. Expand your coverage to match your risks. An umbrella insurance plan or professional liability insurance plan can often do that. It protects your business further. BOP can be ideal for many companies, though. Let your agent help you find out.

#2: Does GL Cover All Risks?

General liability insurance covers losses suffered by customers or third parties on your property. It does not protect your business from losses to property. It does not cover employee-related claims. These policies also do not cover any professional mistakes. This includes providing bad advice to clients or customers. It does not cover damage to your company vehicles. It does not cover damage caused by your vehicles to someone else. It does not cover employment disputes. Business insurance that does cover each of these risks is available. It just does not fall under your basic GL policy.

#3: Myth: Small businesses Do Not Have Risks

Many small business owners don't see the number of risks facing their organization. For example, you operate as a sole proprietor. You create a product. You sell it. You don't own a shop or location for customers to visit. Where are the risks? Claims made against small businesses are common. Mistakes in information or products can lead to losses for other people. It is not uncommon for these businesses to face claims of slander, copyright infringement, or liable. No matter how small, your company needs coverage. Most often, the costs are minor.

Learn what the best general liability insurance is for your needs. Then, consider how additional liability insurance might help you. Work with your business insurance agent to find out. Update your policy on a regular basis. Consider any previous claims you made. And, stay up to date on changing trends and concerns in this area of business insurance. For more information, call 800-511-2892 to talk to one of our agents.

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