General Liability Insurance
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General Liability Insurance Information
Businesses must account for many risks and exposures amid daily operations. Even responsible companies in low-risk industries may eventually be responsible for accidents or errors that lead to another party’s financial losses. In such situations, the resulting costs can devastate a business’s finances and may even jeopardize its future. With that in mind, a general liability insurance policy may prove to be an invaluable investment.
What Does General Liability Insurance Cover?
General liability insurance is integral to almost every company’s coverage portfolio. These policies can provide financial assistance in response to many common incidents that may transcend industry lines. By acquiring and maintaining general liability insurance, a business may be able to access critical funds to help manage the aftermath of an incident that led to losses or damages affecting a third party, such as a client, guest or passerby.
In most cases, a general liability insurance policy can provide financial assistance in response to the following:
- Bodily injury—If a third party is injured in an incident for which the insured business was responsible, this coverage can help pay for resulting medical expenses and lost or reduced wages.
- Property damage—This coverage protects insured businesses if they are at fault for damaging another party’s property and may compensate the victim for repair or replacement costs.
- Personal and advertising injury—In response to these incidents, which may include slander, libel, malicious prosecution, copyright infringement or false advertising, general liability insurance may cover losses for which the insured business is responsible.
- Lawsuits—If one of the aforementioned incidents results in the insured business being sued, their coverage may help pay for legal costs, including representation, judgments and settlements.
While general liability insurance policies provide a wide safety net, there may still be gaps that businesses need to fill by augmenting their portfolio with additional coverage. The following policies may be advisable:
- Professional liability insurance (also known as errors and omissions insurance)
- Commercial auto insurance
- Cyber liability insurance or data breach insurance
- Employment practices liability insurance
- Commercial umbrella insurance
How Much General Liability Insurance Do Businesses Need?
While general liability insurance is not required by law in most cases, most businesses can benefit significantly from coverage. When determining coverage levels and policy details, companies should assess their risk levels by considering the following factors:
- Type of business
- Annual revenue
- Company assets
- Workforce size
- Number of customers
- Employee experience levels
- Ownership arrangement (e.g., sole proprietorship, partnership)
As businesses grow and take on more risk, they generally need to maintain higher levels of coverage. A qualified insurance professional can help existing or aspiring business owners comprehensively assess risk levels and coverage needs.
We’re here to help. The agents at A-Best Insurance Agency have nearly 25 years of experience helping individuals, families and businesses acquire optimal coverage solutions. We help our clients understand their insurance needs and explore available options before compiling ideal policies. Contact us today to get started.