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General LiabilityIf you own any kind of business, general liability is nearly a necessity. To cover your business against possible financial losses, let’s look at what this type of insurance covers and who may need it.

What Is General Liability Insurance?

General liability covers you and your business against claims for property damage and bodily injury caused by your services, operations or products. Use it to pay for expenses involving non-employee injuries that occur at your business or at a job site. It also protects you from slander and libel claims, as well as most common lawsuits related to everyday business.

For example, if your company faces a lawsuit covered by your general liability policy, it pays your legal expenses, court fees and settlement amount, in case of a judgment found against you. Coverage includes:

  • Third-party bodily injury
  • Product liability
  • Property damage
  • Copyright, libel and slander
Here is an example of general liability coverage. A customer slips and falls on a wet floor and breaks an arm. The customer sues for the related medical bills and lost wages. Your policy may cover the cost of the ambulance ride and hospital visit. Your policy also covers your legal costs if you need to hire an attorney to negotiate a settlement or represent you in court.

Do You Need General Liability Insurance?

General liability insurance isn't usually required by law. However, most businesses choose to carry insurance to avoid the cost of claims. Also, if you rent commercial space for your business, landlords tend to require liability insurance. To save money, consider bundled property and casualty insurance to protect your physical property and its interior. The equipment, electronics, product and contents are covered in cases an emergency.

This is one of the most important business decisions you can make. It's a major cost of doing business. Be sure to talk to other business owners and your agent to gather as much information as possible.

For instance, the area where your business is located is at high-risk for hurricanes, but your property and casualty only covers fire damage. You may need to purchase a flood policy, which isn't bundled into general liability policies due to the special nature of this coverage.

The more information you have, the better your general liability coverage will be. Make sure you fully understand each coverage type when you review your coverage with a qualified agent.

Posted 8:30 AM

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