With all of the unknowns that exist out there, it's better to have an insurance policy in place that covers your business for both bodily injury and even physical damage when your technician backs the company van into the client’s BMW.
Did You Know This About General Liability Insurance?
Will general liability insurance cover professional mistakes?
General liability insurance is designed to protect your business from expensive claims brought against you for third-party property damage or even bodily injury. It does not involve the scope of professional practice and thus does not cover professional error or neglect. In such instances, you’ll want to maintain professional liability insurance.
Is general liability insurance considered tax deductible?
One amazing benefit about holding general liability insurance is that it directly pertains to your business operations and is, in most cases, absolutely considered tax deductible.
The premiums associated with this insurance typically meet the qualification of “a cost of doing business” and can usually be written off as a business expense when Uncle Sam comes knocking.
And though this can be an amazing opportunity to save some of your hard-earned dollars, we would still encourage you to consult with a qualified tax professional to ensure your specific circumstances allows for such deductions.
Is general liability insurance legally required?
While not required by law, having general liability insurance is considered a best practice for businesses looking to grow and secure their short & long-term goals.
When your business is faced with adversity, General liability is a profound make-or-break factor. Having it protects your assets when struck by major liability claims. Without it, you will find yourself forced to pay out of pocket for everything from medical bills to the legal fees associated with a potential liability claim. So, although it’s not mandated by law, it’s often in your best interest to hold general liability insurance.
