If you are a business owner in Kettering, OH, you may have heard the terms "general liability insurance" and "product liability insurance." While they may sound similar, these two types of insurance serve different purposes.
This article will explain what general liability insurance is, how it differs from product liability insurance, and why both are important for your business.
What Is General Liability Insurance?
In simple terms, general liability insurance is a type of insurance that protects your business from financial loss in the event of a lawsuit or claim for damages. It covers a wide range of liabilities, including property damage, bodily injury, and personal injury, such as slander or defamation.
For instance, if a customer slips and falls in your store and sues you for their medical expenses, general liability insurance would cover the costs up to your policy limits. For general Liability Insurance in Kettering, OH, make sure to reach out to industry experts like Spectrum Insurance.
What Is Product Liability Insurance?
Product liability insurance is a specific type of liability insurance that protects your business if your product causes harm to someone. It covers legal defense costs, settlements, and judgments if your product injures a customer.
For example, if your company manufactures a faulty product that causes harm to a consumer, product liability insurance would cover the costs associated with the lawsuit.
How Are They Different?
While general liability insurance covers a wide range of liabilities, product liability insurance is specifically designed to cover product-related liabilities. In other words, general liability insurance covers a broad range of claims, whereas product liability insurance covers claims related to your product.
Why Are They Important For Your Business?
Both types of insurance are important for your business because they protect you from financial loss in the event of a lawsuit or claim. Without insurance, a single lawsuit could bankrupt your business. Additionally, having insurance can give your customers peace of mind and increase their trust in your business.
General Liability Insurance In Kettering OH
If you are a business owner in Kettering, OH, it is important to have general liability insurance to protect your business from potential lawsuits or claims. It can also help you comply with local laws and regulations. Make sure to consult with a licensed insurance agent to find the right insurance policy for your business.
Product Liability Insurance In OH
Further, if your business manufactures or sells products, it is important to have product liability insurance to protect your business from product-related lawsuits or claims. This type of insurance can also help you comply with state and federal laws and regulations.
Summing Up:
General liability insurance and product liability insurance are both important types of insurance for your business. Further general liability insurance covers a broad range of liabilities, while product liability insurance covers product-related liabilities.
So, if you are looking for general liability or Product liability insurance in OH, it is important to connect with a licensed insurance agent like Spectrum Insurance to find the right insurance policy for your business.
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