Commercial GENERAL LIABILITY INSURANCE
Are you sure that your business has the right amount of liability coverage? General liability insurance is one of the most necessary policies in today’s business environment and for good reason.
GENERAL LIABILITY COVERAGE
General liability insurance policies provide for issues that result from personal injury, including medical expenses. Advertising injury is also combined with general liability coverage, and it covers the insured’s advertising of its goods or services in the event of libel, slander, invasion of privacy, copyright infringement, and more.
WHAT THE POLICY COVERS
General liability insurance addresses accidents stemming from onsite mishaps, as well as any injuries or damages incurred as a result of using goods or services sold on the business premises. In addition to the financial limits of the policy, it can be designed to cover supplemental payments for attorney fees, court costs, and other expenses associated with a claim or the defense of a liability suit.
Protection FOR your business
Your insurance agent can create a customized policy for you to include different types and amounts of coverage. The following coverage is often included in a general liability line:
Fire
Fire liability insurance coverage can protect your company in case of fire damage.
Theft
A typical general liability insurance policy will not cover theft. Ask an agent for more info.
Vandalism
A standard general liability insurance policy for your small business should cover vandalism and looting.
Bodily injury claims
General liability insurance typically covers a business for bodily injury, personal injury, and property damage.
Property Damage claims
A standard commercial general liability insurance policy should cover property damage for you small business.
Negligence claims
Commercial general liability insurance will protect your small business against negligence claims.
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Commercial general liability insurance
When you’re in business, you need to protect yourself against basically anything that can cause you financial ruin. Also, when you’re in business, there are a lot of things that can go wrong that you wouldn’t normally think of. That’s where general liability insurance comes in. There’s a lot to learn about this critical kind of insurance, and it’s all going to help you make better use of your protection, which is always great when it comes to your business-related bottom line.
What is commercial general liability insurance?
General liability insurance for small business is protection from basically anything that could come at you when it comes to a client. Most often, this is used in relation to protection if a client falls and hurts themselves while at your commercial property. There is more to it, of course, but the thing to remember is that general liability protects a business from claims that could potentially be made against them, including medical expense-related ones. It’s also required in most places for those who have even small businesses.
Who needs general liability insurance?
More in detail, not every single business is going to need general liability insurance, but quite a few of them do need it. If you’re not sure if you qualify for requiring it as a professional, here are some indicators that you are going to have to have it.
- Whether the client comes to your office, or you meet at a third party location, you are going to want to have general liability insurance when you come face to face with a client. This protects you if they get injured.
- If you’re handling property belonging to the client, you’ll want to make sure that you are covered with general liability insurance. This will protect you if something is damaged.
- Similarly, if you or an employee are handling sensitive data that belongs to a customer or client, it’s important to have general liability insurance that explicitly extends to sensitive data. This way if anything is lost or breeched, you are covered from anything that comes back at you in terms of settlement and/or insurance.
Insurance Services
What is in general liability insurance coverage?
There quite a few things that general liability will cover, most of which are mentioned above in terms of what your business does or handles. However, there are a few other things to focus on when you are looking specifically at commercial general liability insurance.
- Since paying for a defense, in the event of a claim of injury or damage, etc, can cost a lot, one of the best things about having general liability business insurance is that the costs are covered. Your business will be able to survive the claim, financially, and you will also be able to let the stress roll off of you, too, because it will be taken care-of.
- The same protection also applies to any settlements and/or payouts that need to occur, including medical ones. A business will be able to afford those payouts without it actually coming from their own stores. That’s another serious perk about having a general liability policy in place.
As with anything, there are a few things that are not included that should be addressed. In most business general liability insurance policies, you can expect exclusion on the following components (even when on commercial property).
- Any personal property belonging to you or an employee is not protected under the basic general liability policy. There are some that allow for this to be added on as a benefit if it’s something that you’re worried about.
- When a vehicle is in use, even under commercial naming, it is not covered under this particular insurance policy. There is a commercial auto policy that will often be bundled with general liability insurance, if it is needed. This includes the vehicles as well as the employees and even clients.
- Any employees who are injured on commercial property (or on behalf of the company when out and about at a third party location) are not covered. Again, these exemptions are often covered under another kind of insurance that will offer wider protection of your employees.
GENERAL LIABILITY INSURANCE
This is not a full list of everything that is not included in a general liability insurance, but it does cover a lot of the bigger features. It’s important to always take a close look at your policy and make sure that you fully understand what is covered and what isn’t, as well as any caps or other restrictions that you may not be aware of at first.
The great thing about general liability insurance cost is that it is very affordable. For most business, it’s under $30 a month. This is especially helpful when you are looking at protecting yourself in a big way (as in defense, for example), but you don’t want to be paying a lot to money in order to protect yourself (since that defeats the purpose). It’s nice to know that general liability insurance coverage doesn’t have to cost you an arm and a leg when you just want to make ends meet as a small business. We have amazing rates on the best commercial general liability insurance available for your small business.
When you are looking at your business’ survival, you need to remember to think about something general liability insurance. The good news is, you are going to be able to make it part of your commercial oriented life without having to interrupting or adjust the way that you do things anywhere else. When it comes to making smart business decisions, you’ll be happy to know that this one really is going to be easy. Since a lot of things often are not easy when it comes to a small business, this is really great to see. You’ve got enough to worry about, so let your insurance policy take on some of the responsibility.
What is general liability insurance?
You may be asking yourself, what is general liability insurance for a business? general liability insurance, often known as commercial general liability insurance is designed to protect your business in the event someone sues you for causing damage or bodily injury.
General liability insurance is available as a stand alone policy or it can be bundled with other coverage within a Business owners policy (BOP).
What is general liability insurance coverage for business?
General liability insurance for your small business, is going to be one of the most important forms of protection. A liability claim against you can be very damaging and in some situations make your company close its doors.
In short, a general liability insurance policy will protect your company from liability claims and lawsuits.
Commercial general liability insurance policies will protect a business from:
3rd-party bodily injury for example, someone sues you because they were injured within your business property grounds.
3rd-party property damage ie; one of your employees accidentally damages someones property.
Repetitional damages your business is sued for slander. For example, you say something about your competitor’s product while in an interview & they make a claim that your comment slandered their business. General liability insurance will help cover some of your legal costs.
Advertising injury let us say another business in your same industry claims that your advertising looks way too much like theirs. They say it’s hurting their actual business profits. General liability will help cover some your costs to resolve that claim.
What does general liability insurance cover?
Commercial general liability insurance can help cover your costs for the following:
- Legal teams to represent your business
- Witness fees
- Evidence costs
- Judgments or settlements
Commercial general liability insurance does not cover:
- Employees’ work-related injuries and illnesses, ones which workers’ comp insurance can help cover
- Damage to your own small business property, which standard commercial property insurance will help cover
When it comes down to what does commercial general liability insurance cover, it will all depend on the amount of coverage you need.
How much does general liability insurance cost
The better question to ask yourself is, how much should general liability insurance cost? According to 50,000 small businesses the average amount for a monthly general liability insurance policy is $30. About 1% out of the 50,000 businesses pays over $100 monthly.
As affordable as it is to carry commercial general liability insurance, every business should carry it as standard practice. Who needs general liability insurance? If you own a small business, you probably need business insurance.
Cheapest general liability insurance small business
The cheapest & best general liability insurance for small business will be easy to find with Eugene C Yates Insurance Agency. Our general liability insurance agents will walk you through all of your options and help you find the coverage your business needs.
Finding the cheapest general liability insurance comes with research and discovery. Having a professional help you navigate the situation can save you time and money. Call us, we have amazing rates on commercial general liability insurance.
Comprehensive general liability insurance
Comprehensive general liability insurance is an older term for general liability insurance. It is a business owners policy that will cover on premises injury, lawsuit, or customer property damage.
Most professional liability insurance policies that are comprehensive will cover the majority of lawsuits and loss. If you need help finding a commercial general liability insurance policy, give us a call! Our agents would love to help you find a policy that works for your business.