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General liability insurance is a must have for any business or company that must look after the well being of their employees. It covers many basic obligations to the employee (such as medical costs), legal defense in the event of a lawsuit, damages done to a property not owned by the business, and claims of false or misleading advertisement. It also protects the company's assets. This kind of insurance may be purchased by itself, but it is usually part of what is referred to as a Business Owner's Policy. The following scene demonstrates the need and basic function of such policies. Two businesses are in the industry of yard services. One is called Green Lawn Makers; the other is Yard Care Providers. Green Lawn Makers does not have insurance. The rival company does. Jim works for the first, and Jerry is employed by the second. Jim and Jerry are both working with lawn mowers. Each happens to hit a stone that shatters a nearby window on the home. Jerry's boss is not as upset because her insurance policy covers the cost of the damages. Jim's boss is furious because he must pay out of pocket. Later that day the two men are working with an electric hedge trimmer. In a freak accident the tool hits a branch and bounces back at the worker, causing lacerations to the forearm. They both go to the hospital, but Jerry's employer does not pay a dime. She only reports the incident to the insurance company who then covers the medical expenses. Jim's boss is not able to cover the costs, so Jim then sues his employer for being uninsured. Jim's boss is now in deep financial troubles with the costs of court, and has to pay a large sum out of pocket. Green Lawn makers could have avoided a huge incident if the owner had acquired the general liability insurance. Not only would it have covered all of the costs, but more than likely the insurance company would have incentives for future courses on safety at the workplace. When taking out a policy the insurance provider will assess the nature of the business and the likely costs associated with mishaps. They then set a cap on what will be covered. What is not covered must be paid by the owner. Business can generally keep down rates by offering quality control, training, company records, and overall safety awareness. If you want to make sure of your safe future, then General liability insurance is the first thing to be considered. Click on Insurance Broker to get the best services in your favor. Article Source: https://EzineArticles.com/expert/Freeha_Irfan_Ahmed/739896