Commercial General Liability Insurance
Mishaps and accidents may happen anywhere anytime, and you might end up in a large lawsuit even though you feel you didn’t do anything wrong. This could severely cripple your business financially or even leave you bankrupt. However, if you have general liability insurance coverage, your assets are protected against bodily injury or damages. There are generally four categories of coverage on a standard general liability insurance policy.
What is Covered by a General Liability Insurance policy?
- Bodily Injury including Medical payments
- Personal Injury which can include Libel and Slander violating privacy rights
- Property Damage – physical damage to property or loss of use of the property
- Advertising Injury- Publishing false information, infringing on title, copyright or slogan
Deciding whether to get Coverage For Your Business
Consider general liability insurance coverage if:
- the amount of risk associated with your business is high
- you are located in a state that has a history of awarding high damages in personal injury claims
- you or your employees have access to a client’s equipment
- you or your employees speak or write about a client’s business
- you are concerned about keeping your assets protected in the event of any claim
- your clients visit your workplace
- You prefer to have an insurance carrier provide defense costs in the event of a claim against you
Whether you are at fault or not, general liability insurance covers you against such claims.
Choosing General Liability Insurance
You can purchase general liability insurance as part of the business owner’s policy (BOP) package or as a stand-alone policy. While a BOP package comes bundled with both property coverage and liability insurance policy, a stand-alone policy does not always comprise property coverage. A (BOP) Business owners package may also cover lost income and expenses that the business incurs. Not having comprehensive coverage can leave a company unprotected and leave its financial assets at risk. With large awards in lawsuits happening every day, a claim against you can be catastrophic in nature and perhaps determine whether you can continue as a going concern.
