Insurance in general is of a lot of benefits to individuals,family and businesses.There are different types of insurance packages such as Health,Business,Travel to mention but few.
As a part of business insurance Progressive Life Insurance offers General Liability Insurance which is also known as Business Liability Insurance
The package aims at insuring or protecting one against property damage and personal injuries of all forms.
It has both advantages and disadvantages;
a.It serves the purpose of sharing risks which is of great help to a business man in case of loses
b.It encourages independence (financial) in case of unexpected loses
c.It is tax deductible
a. Compensation many times may not be up to the loses incurred which could be quite discouraging especially when the businessman is not financially comfortable
b.There is no cover for professional mistakes and the compensation is for third party damages because in the agreement the businessman is referred to as first party
It is however not required by the law therefore every individual is left to make a choice