Every Company/ Business ever started, can benefit from General Liability Insurance. For Small Business, General Liability Insurance is important for their company growth, which protects the business from the financial crisis, bills, fees, or compensations for customer injuries caused by company and property damages caused by the company to third parties. General Liability Insurance, also saves the small business from unexpected disasters, such as water or fire damage. This insurance also, saves the business from cybercrimes, by providing privacy breach coverage.
General Liability Insurance, helps small businesses against claims of Libel and Slander. This insurance helps, pay the business expenses if taken to court over an accident that occurred at the company. Depending on the business, the insurance covers liabilities such as product, property, liquor, pollution, and overall umbrella insurance.
- General Liability insurance is also known as Commercial General Liability Insurance, which is an essential part of any insurance plan of a business.
- This General Liability insurance policy is required for any business, to protect it from claims of property damage, paying compensations for damage or injury occurred by third parties during regular business operations.
- General Liability Insurance, could be of a single policy or can be handled with a bunch of other key coverage policies with business owners’ policy.
- General Liability Insurance protects the business from lawsuits, investigations and settlements, medical damages, attorney fees, injury damages, and abuse coverage for liability.
What does it cover?
General Liability Insurance covers the following aspects
- Costs for property damage claims against the business, where the employee or the owner causes damage to any third parties’ properties.
- Medical expenses, if someone gets injured at the company(Bodily Injury)
- Advertising injury claims, where the advertising strategy of the business is similar to that of the claimed business
- Administrative costs to handle covered claims, to organize the claimed coverages.
- Costs of courts, judgments, and settlements covered for claims, when someone sued the business for the inconvenience caused
- Copyright infringement, where the business terms are exact or similar to that of the claimed business
- Reputational harm, where the business owner passed a negative comment about another business or the owner of the business in any form.
What it doesn’t cover?
General Liability Insurance doesn’t cover everything, the insurance won’t help the business with
- Commercial auto accidents, caused by the owner or the employee while driving for work.
- Employee injuries or illness, resulting from the work.
- Damage to own business property
- Inaccuracy in professional services.
- Claiming more than the policy limit.
- Intentional wrongdoings or illegal acts, done by employees or owners of the business.
Pros of General Liability Insurance
- This business insurance will get the business covered from any lawsuit, that is filed against the owner and the business.
- This insurance covers all the property damages, that may occur to the business or that occurred due to the business.
- As already mentioned, being flexible with any additional coverage policies makes it remarkable.
Cons of General Liability Insurance
- The coverage of this insurance is limited within the policy and based on the suit selected. The owner needs to have additional coverage for higher protection.
- This insurance doesn’t cover a lot of other factors or aspects, that require any business to buildup.
Business and its employees, Wholesaler or Manufacturer, and Vendors can be covered by General Liability Insurance.