Benefits of General Liability Policy



Insurance is a critical agreement between the policyholder and the insurer that helps the former protects his/her assets against potential damages. Different types of insurance policies include auto insurance, life insurance, health insurance, etc. These insurance policies are classified based on the asset they are designed to protect.

Here, we shall talk about commercial general liability policy that is used to protect the overall assets of a business. 

Protects Company’s Products (Advertisements, Wrongful Trespassing, etc.)
In case you own a product-based company, the general liability policy protects your products against wrongful usage. It also protects your company’s properties against wrongful trespassing. The company’s products not only include the products that it manufactures, instead, it includes all the assets that the company owns during the filing of insurance. Some insurance policies also allow the addition of assets to the insurance policy as the company keeps on acquiring them.


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Protection against Lawsuits

This feature on a general liability policy helps the company protect the financial losses incurred in fighting a lawsuit. In case another company or individual files a lawsuit against your company for mistakenly trespassing someone else intellectual property or incurring personal financial or bodily damage, the general liability policy steps in to provide financial aid to fend off the lawsuit. Large corporations often invest heavily in these policies since they often take up a fraction of the cost of facing legal actions by someone.

3rd Party Liability
The 3rd party liability is a feature that covers the cost of medical, personal or property damages caused by your company’s actions against an individual. The 3rd party liability is a subset of the protection against lawsuits feature.

Financial Loss Coverage
Some general liability policies also include a clause that protects the company against major financial losses due to stock market crash or physical damage to the company’s production plant.
If you need more information on the types of general liability policies, you can contact us at National IDA. Here, we help independent as well as commercial business owners compare and avail the best insurance policies for their businesses. We help people set up their independent business routes for business expansion as well as formation of start-ups.
Location: 659 Levitt Pkwy, Willingboro, NJ 08046, USA

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