Top Things to Know About General Liability Insurance
All businesses need protection against third-party claims. A client can file a claim for past and present perceived or actual damages. No company is immune to a potential lawsuit. While business liability insurance in NM doesn’t cover all potential exposures, a liability policy is a great starting point to protect the company’s assets.
Regardless of business size, the majority of businesses can benefit from a liability policy. Small businesses often see the greatest value in a general liability policy. With smaller budgets and often lower assets, the benefits often greatly outweigh the cost of the policy. Injuries and damages happen despite safeguards in place. Covered items often include:
- Non-monetary damages
- Legal fees
- Compensatory damages
- Punitive damages
- Awarded settlements
The cost for a policy often depends on the exposures of the company, size of the business and budget constraints. In addition, sometimes it is beneficial to carry additional policies to cover all risks and liabilities. Speak with your accountant to determine your available budget for insurance prior to researching policy options.
A quality broker or agent can help you determine a policy that meets your needs and budget. Business liability insurance in NM is a valuable and often necessary part of operating a company. Your business doesn’t benefit without one.