Protect yourself as owner
What is It?
GL insurance is sometimes called business liability insurance or commercial general liability insurance. This type of liability insurance coverage helps protect your business from claims of bodily injury or property damage that can come up during normal business operations. Without general liability coverage, you’d have to pay for medical expenses and property damages out of pocket.
What Does General Liability Cover?
If a customer injures themselves in your place of business, this policy can help cover their medical bills.
Employees sometimes damage customers’ property while delivering products or services. Your GL policy can help pay for the damages.
General liability insurance policies can help cover malicious prosecution, slander, libel, wrongful eviction and violating a person’s privacy.
Claims of copyright infringement are covered with a general liability policy.
Damage to premises rented to you
If your rented property is damaged by fire, lightning or an explosion, your general liability policy can help pay for repairs.
What do you need to consider?
General liability insurance does not cover employee injuries, car accidents, punitive damages (in most states), labor, tort, or professional error.
As a contractor or small business owner, you need some form of business liability insurance to safeguard your livelihood.
A single accident could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches your level of exposure.
Some employers or clients might also require you to carry a certain amount of general liability before you can work for them.
General liability insurance only pays for third-party damages, not yours. You’re considered the “first-party”. The “third-party” is the one that has a claim against you. This means general liability won’t cover your property or equipment against theft or damage.
The cost of general liability insurance coverage varies based on the size of your business, the industry you are in, your location, and the amount of coverage you need.