General Liability Insurance
General Liability insurance (also known as Commercial Insurance) protects your business assets. It also pays for obligations that may arise from legal claims. Without General Liability Insurance, said legal obligations could possibly cost you your entire business.
Although General Liability Insurance is not mandatory for businesses, it is a good idea to have it. It provides essential protection for your small business.
How much will the right insurance cost you? Click here to find out.
What does General Liability Insurance Cover?
General Liability Insurance protects your business if someone gets injured on your property or when there are property damages or injuries caused by you or your employees. You can expect a typical policy to cover:
- Body Injury
- Property Damage
- Personal Liabilities (libel, slander, copyright infringement, Invasion of property and privacy, wrongful eviction, false arrest)
- Advertising Liabilities Injury (losses by your advertising )
- Legal Defense and Judgment
Does your Business Need General Liability Insurance?
If you are a property owner or have valuable assets, General Liability Coverage is a good investment for your small business. Annual premiums range from $750 to $5,000, depending on your line of business and your coverage needs. That may sound costly, but without this insurance, it could cost your business thousands, or even millions, of dollars on attorney fees to fight a claim in court.
As mentioned above, if you fall into the lower risk category, you may want to consider a Business Owner's Policy (BOP) which combines general liability and property insurance at a cost-effective rate.