Saturday, May 24, 2014

A Basic Guide To Commercial General Liability Insurance NYC

By Rosie Stafford


Insurance is meant to protect people. If you have a car you want to be sure that you will be able to replace it in the event of an accident. With your business there are other aspects to consider as well, things that you can be held responsible for. This is why you need to make sure you get the right commercial general liability insurance NYC.

In simple terms this type of liability cover is designed to protect you from a wide range of possible lawsuits and compensation claims. The chances are you have seen commercials for companies saying they can get people compensation due to an accident at work that was not their fault. Often these claimants can get more compensation if the company in question does not have this kind of insurance.

Unfortunately this is also a site with watermarked pictures where they expect people to pay for it. They then threaten to sue. Without the cover this could potentially result in a long and drawn out court battle. It could also result in you losing a lot of money over a simple mistake.

However if you have this kind of cover you can pay the costs involved and limit the amount of compensation the other party could get. Furthermore it often makes it easier to apologise and limit the amount of damage this kind of claim could do. A longer court case would result in more bad headlines. Regardless of what old maxims say you do not want the attention that comes with bad publicity.

Another form of liability concerns covering injuries. While this is often associated with industrial businesses it is important to remember that there are a lot of potential hazards in the office as well. Ensuring employees are properly trained with regard to health and safety can reduce a lot of unnecessary absences and needless compensation claims.

Another big benefit of having this kind of compensation in place is that it means any problems can be solved out of court. The costs involved with hiring legal representatives and the length of time spent in court could prove to be a lot more in the long term then any compensation you could have to pay out.

You also need to be aware of the potential risks involved with your products and services. For example your company may produce preserves in glass jars. Occasionally factory processes can go wrong and broken glass could end up in some jars. As well as quickly recalling those jars it is vital to have some form of compensation in place in case people get injured after eating contaminated food. The fact is customers are often impressed with companies that react quickly and decisively when there is a problem rather than being unprepared or attempting to cover it up.

There are a wide array of providers available when it comes to choosing liability insurance cover. It is best to choose at least three potential companies and compare what they have to offer. This is both in terms of the quote and their experience and credentials as a company. This will make it easier to make the right choice to protect the needs of your company.




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