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GL Insurance

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What is GL cover?

GL Insurance

GL insurance, or General Liability insurance (often referred to as public liability insurance), is a policy that protects businesses from financial loss resulting from claims of injury or property damage caused by the company's operations, products, or on its premises.

Why would a business need GL insurance?

Protect Assets

It shields your company's assets if someone files a lawsuit against you for damages or injuries.

Credibility Boost

Carrying GL insurance can make your business look more credible and trustworthy to customers.

Contractual Requirement

Often, businesses are required to have GL insurance before entering into certain contracts or leases.

What GL insurance Gerrards

What exactly does GL insurance cover?

GL insurance generally covers:

  1. Bodily Injuries: If a customer trips and falls while at your place of business, or if they’re harmed by one of your products, this insurance can cover their medical expenses.

  2. Property Damage: If you or your employee accidentally damages a client’s property, GL insurance can help cover repair or replacement costs.

  3. Legal Fees and Settlements: If someone takes legal action against your business, GL insurance can cover the associated costs and any settlements.

  4. Advertising Injuries: This includes claims like slander, libel, and copyright infringement related to advertising.

How can you do it right?

Ensuring you get the right GL insurance requires a thoughtful approach. Here’s how you can do it right, with Gerrards leading the way:

  1. Assess Your Needs: Understand the specific risks associated with your business. We can assist you in this assessment, ensuring that no potential risk is overlooked.

  2. Get the Right Coverage: Not all GL policies are created equal. With our expertise, we can help you find a policy that offers comprehensive coverage tailored to your business needs.

  3. Regularly Review Your Policy: As your business evolves, so will your insurance needs. We ensure that your policy remains up-to-date, providing optimum protection at all times.

  4. Leverage Our Expertise: Our team at Gerrards has extensive knowledge and experience in business insurance. We can guide you through the process, helping you understand the intricacies of your policy, and ensuring you get the best possible deal.

  5. Implement Risk Management Strategies: While having insurance is crucial, taking proactive steps to minimize risks can prevent incidents and may even lower your insurance premiums. We can advise you on the best practices to keep your business safe.

  6. Stay Informed: Insurance policies and regulations can be complex. We strive to keep you informed, helping you make decisions that are in the best interest of your business.

What GL insurance Claim

Disadvantages/Advantages or Pros/Cons of GL

  • Financial Protection: GL insurance ensures that unexpected claims won’t devastate your company’s finances.

  • Peace of Mind: Knowing you’re covered helps you operate with greater confidence.

  • Enhanced Business Image: Businesses with GL insurance can often seem more professional and reliable to clients and partners.

  • Cost: Premiums can be high, especially for businesses in riskier industries.

  • Policy Limitations: Not every potential risk or incident may be covered under the policy.

  • Possible Overconfidence: Over-relying on insurance can lead to neglecting other risk management strategies.

Common Misunderstandings

Some common misunderstandings about GL insurance include:

  1. GL Covers Everything: General Liability insurance has its limitations. It doesn’t cover employee injuries, professional mistakes, or intentional acts.

  2. All Businesses Pay the Same Premium: Premiums vary based on the nature of the business, its location, and its history.

  3. Small Businesses Don’t Need GL: Every business, irrespective of its size, can benefit from the protection offered by GL insurance.

How Can Gerrards Help With GL?

At Gerrards, New Zealand’s trusted insurance broker specializing in business insurance, we can:

  1. Tailor-Make Your Policy: Every business is unique. We ensure your policy matches your specific needs.

  2. Provide Expert Advice: With years of experience in the industry, we can guide you to make informed decisions.

  3. Handle Claims Efficiently: Should you need to file a claim, our team will streamline the process for a quick resolution.

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