As a first line of defense to ensure your business’s future, general liability insurance covers you in the event of personal injuries, property damage, or claims of negligence. You need a policy that can help you pay for medical bills, property repairs, and even legal costs incurred defending libel, slander, or copyright infringement cases.
Why Would I Need It and What Does It Cover?
General liability insurance is essential if:
- You or your employees visit a customer’s workplace or meet in third party locations
- Your customers visit your place of work
- You represent your customer’s business through spoken word or through writing
- You are required to show proof of liability insurance as part of entering into a contract
A good liability coverage policy encompasses most conceivable situations, including:
General Liability Insurance Video
- Employee Benefits Liability
- Employer’s Liability Insurance
- Employment-Related Practices Liability
- Fire Legal Liability
- Medical Payments
- Premises Liability
- Professional Liability
- Product Liability
General Liability Insurance
Whatever kind of business you own, you need to be properly insured to protect what you have worked so hard to build up. Of course, understanding the right insurance for your business isn’t necessarily an easy task. Between the terminology, acronyms, and array of coverage, you can get a little dizzy. Happily, Snyder Insurance has answers. Call us at (630) 960-4848 or use our contact page here on the website. Meanwhile, let’s take a look at some of the basics about general liability insurance- an integral part of commercial insurance coverage.
What General Liability Insurance Does
General liability insurance, sometimes called commercial liability insurance, protects your business in the event physical injury or property damage occurs as a result of your business operations. It guards against an array of claims, like bodily or personal injury and property damage. Any one of these, as well as other risks, can interrupt the day-to-day operations of your business. Frequently, general liability coverage is combined with property insurance in a business owners policy. But it can also be offered as a separate policy to certain types of contractors.
Do You Need General Liability Insurance?
Whether you’re a contractor or own a business, general liability coverage is needed to protect your source of revenue. Just one mishap can cause a lawsuit that you may not be able to recover from financially. To guard against accidents and disasters, carrying sufficient general liability insurance is a must.
In some cases, businesses require that you have general liability that meets, or exceeds, a minimum amount prior to you contracting with them.
General Liability Insurance for Contractors
Contractors might not have any need for a business owners policy and, instead, just use general liability insurance. For instance, a contractor that doesn’t own commercial buildings might choose to go with general liability insurance alone. Or perhaps you don’t need payroll coverage, or other costs related to your operations. Even so, you are exposed to liability risk.
General Liability Insurance in a BOP
For business people who need a Business Owners Policy, general liability coverage can often be included in the BOP, in addition to a variety of protections. This may include coverage for personal property or commercial warehouses, office buildings, garages, or other facilities as well as other options.