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Are you Covered?General liability insurance could be the best investment you make in your business. It is a form of business insurance and one of the most likely you will use. Most businesses today face some claims whether from customers, clients, visitors to their properties or others involved in the organization’s operations. These claims may be small, such as making repairs to a broken product sold, or they can be extensive such as medical bills for a tragic accident. In all cases, general liability is there to help. This includes instances of class action lawsuits.

General liability insurance provides extensive protection from some of the most common risks. This includes customers visiting your property, employees making mistakes on customer orders, and even in class action lawsuits. In this situation, more than one person will file a claim against your business. Generally, they are alleging that your business failed to meet the promised goal. It may be due to false advertising claims. It could be related to faulty products. In most situations of class action lawsuits, companies do not purposefully make these mistakes, but these lawsuits can be so costly that they lead to the closure of the company.

With the right business insurance, you may be able to gain additional help. This type of coverage can help in two main ways:
  1. It aids in helping your business to pay settlements for instances in which a class action lawsuit determines your business was, in fact, responsible for the losses. In some cases, it may be wise to settle claims outside of court to minimize costs, losses and reputation implications.
  2. It can aid in providing your business with the legal defense it needs to protect against claims. If you plan to go to court or you want to ensure you have legal representation when negotiating claims, your general liability insurance can help. It provides defense protection in most cases.
If you do not have a high amount of general liability insurance in place, now may be the time to update your business insurance policy to better match your risks. Doing so can give you protection from class action lawsuits as well as other claims made against your company.

Is your company covered? Call Floss Agency at (716) 688-5115 for more information on Buffalo business insurance.
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Securities and advisory services offered by Cadaret Grant & Co., Inc.  |  Member FINRA/SIPC 9092 Main Street, Clarence, NY 14031 716-631-0190  |  Licensed in New York, California, Florida, Texas & Tennessee. | Floss Agency and Cadaret Grant are separate entities.