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Hi, it's Ted Devine from insureon, and today we're gonna go through customer questions. Every single day we get dozens of very sincere and very thoughtful questions from our clients and we want to make sure that we're taking the time to make sure that those are answered. The most important way to do that is talk to our industry professionals so that they can walk you through all the nuances of the covers for your type of industry, which is really important. But, we also want to be able to provide you information that you can access during your free time, because we know what you want to be doing. What I want to be doing is takng time to run our business, and the last thing I want to do is be thinking about insurance. So, we're gonna go through a series of questions, we're gonna call these "quick customer questions." And we're gonna put them in a library so you can access it, so you can go back and review it at your leisure.
The first question comes from Mary, who runs a retailer in Illinois. And Mary asks, "Is General Liability Insurance the only coverage I need to run my small business?"
And the answer, Mary, is no. General liability is really important particularly for your type of business. What it does is it covers third party losses, meaning claims that customers may have, if a customer comes into the store and slips and falls, and turns around and you've got to cover the cost of the ambulance, and then they sure you for the medical charges related to that. General liability will cover that.
It also covers third party claims related to delivery men, if they slip or fall, or suppliers -- people that are not your employees, not yourself, that get hurt or cause property damage inside your store. It will cover that type of insurance risks. But what it won't do is it won't cover several things that are really important.
First, it won't cover the property damage just generally inside your store. It won't cover professional advice or cyber liability. So, let's say somebody comes in and hacks the information that you have related to your clients -- general liability will not cover that.
It also won't cover the cost of anything that happens to your employees, which is covered by a policy called a Workers' Comp policy that we've talked about in many forms.
So general liability. Very important, but it will not cover everything that you need for your store. And it's really important to walk through the following checklist. What we like to do is understand your vertical, so everybody talks to an industry expert that just does your type of business: so, you'd be talking to our hospitality desk that does all restaurants and retailers. And then we walk through what's covered from a property perspective, a general liability perspective, a professional liability perspective, covering your employees, and walk through cyber risk, as well as Business Interruption risk.
The good news for you, Mary, is that a lot of those risks are covered inside the base Business Owner's Policy -- a BOP. That'll cover your property and also cover your general liability. And if we have the right endorsement, it'll cover also the Business Interruption covers as well.
So, general liability -- important, but clearly not the only thing you should need for your store.