The Purpose of Commercial General Liability Insurance

The Purpose of Commercial General Liability InsuranceThe Purpose of Commercial General Liability Insurance

Owning and operating a business means that you are prone to certain legal and financial risks. However, you can protect yourself and your business with commercial general liability insurance in Champaign IL.

 What Is Commercial Liability Insurance? 

Liability insurance protects your company’s assets and also pays for its legal and financial obligations. For example, if someone gets hurt on your business’ property, your liability policy would cover the cost of their medical bills and any other expenses incurred due to the accident. Additionally, commercial general liability insurance in Champaign IL also covers your business’ legal defense fees and the cost of any settlements your company may be sued for.

 Does Your Business Need It?

Although it may be tempting to forgo obtaining liability insurance because you believe it is unlikely your business will ever file a claim, having a liability policy is a wise and cost-effective investment. Depending on the industry you’re in and your coverage needs, your annual premiums may range anywhere from $750 to $2,000. This amount is a lot less than you may be responsible for paying if your business was ever faced with a legal situation.

Remember, an accident that could cause your business legal and financial harm could happen at any moment. If you don’t already have a commercial general liability policy, you may want to make obtaining one as soon as possible a priority.

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