General Liability Insurance
General Liability Insurance in Louisiana
Remember the guy that sued Subway for selling 11-inch “foot-long” sub sandwiches? He claimed “deceptive advertising” practices. It sounds kind of funny and trivial until you consider that a sum of around $142.5 million is in question.
How about the McDonald’s Hot Coffee lawsuit? Not the one from 20 years ago, the one from January 2014! The previous lawsuit earned that plaintiff around $640,000 (the final settlement amount was undisclosed). In that case the claim was a defective product, coffee that was maintained at too high a temperature.
The claim this time around is negligence: “The lid for the hot coffee was negligently, carelessly and improperly placed on the coffee cup … resulting in the lid coming off the top of the coffee at the window, causing the hot coffee to spill onto the plaintiff.”
Business owners from New Orleans to Franklinton to Bogalusa need to be protected from these types of product liability and negligence lawsuits as well. Whether it’s an accident in your parking lot, retail floor, warehouse, as a result of an employee’s actions or your product itself, we live in a litigious society and businesses large and small are at a risk for being sued.
As a conscientious business owner, you probably already operate a safe shop or workplace and distribute a high quality product. Unfortunately, that’s not enough. Even if you’re not at fault, the costs associated with defending against the charges in a lawsuit could significantly impact your business. That’s where general liability insurance comes in.
What Business Liability Insurance Covers
Business liability insurance protects a range of things depending on your coverage. Generally, it covers your business’ assets and pays for expenses as a result of your employees, property, product, operation or even advertising. So what does business general liability insurance cover?
- Commercial general liability insurance protects you from costs associated with lawsuits and court-awarded settlements, including the insurance company’s investigation and attorney’s fees.
- Business general liability insurance can provide for claims arising from bodily injury or property damages as a result of an accident on your property, from your product or operations.
- Liability insurance can also cover issues arising from your advertising practices including copyright infringement, libel and slander.
Do You Need Business Liability Insurance?
When you consider that annual business general liability premiums range from around $750 to $2,000, coverage seems like a wise investment considering that the costs associated with defending yourself in court will surpass this amount very quickly.
It is best to speak with us in person to help you answer the question of whether or not you need business liability insurance. We invite you stop into either one of our Louisiana locations, Bogalusa or Franklinton, to discuss your needs.
How Much Commercial General Liability Insurance do you Need?
The amount of coverage you need depends on the industry you’re in as well as your business’ location. Each industry has unique perceived risks associated with them that will be considered. Ultimately, if you fall into a lower risk category and/or your operate a very small business, you may want to consider a Business Owner’s Policy (BOP).
Conversely you may want to consider a Business Umbrella policy if you operate in a high risk industry or are at risk for a larger settlement amount. In that case, the potential for a large lawsuit may leave you vulnerable to having to pay out of pocket once the limit has been reached on your General Liability policy.
Liability Insurance for Service Professionals
Even if you don’t have a facility or produce a product, as a service professional you could be the target of a lawsuit, and the type of exposure you face is not necessarily covered by a general business liability policy.
Professional liability insurance is also sometimes referred to as “Errors & Omissions” (E&O). If you provide erroneous information or omit information and a client is financially harmed as a result, you could be sued.
Accountants, lawyers, and financial advisors in particular need to protect themselves with E&O coverage. The types of claims service professionals are most often exposed to include negligence, misrepresentation, violation of good faith and fair dealing, and bad advice.
Contact Us for Professional Liability & General Liability Insurance Services in Bogalusa, Louisiana
Contact our independent business insurance agents today to discuss your industry, business and risks so we can help assess your need for Business Liability or Professional Liability coverage. If your business becomes a target of a litigious customer or client, you’ll be glad you took this step to protect your business assets as well as yourself.