General Liability Insurance
General Liability insurance protects businesses from a broad array of risks that may arise from lawsuits and claims filed by third parties. Some businesses may need this coverage in order to bid on jobs with certain municipalities.
General liability insurance (GL) is a type of insurance that covers a business’s legal liability for bodily injury, property damage, and some other types of losses. It is an important type of insurance for businesses of all sizes, as it can help protect them from financial ruin in the event of a lawsuit.
The specific types of losses that are covered by GL insurance vary from policy to policy, but some of the most common ones include:
- Bodily injury: This includes medical expenses, lost wages, and pain and suffering caused by injuries that someone sustains on your property or as a result of your business’s products or services.
- Property damage: This includes damage to someone else’s property that is caused by your business, such as if a customer slips and falls on your wet floor or if your employee damages a customer’s car.
- Personal and advertising injury: This includes claims of libel, slander, and copyright infringement.
- Medical payments: This coverage pays for the medical expenses of someone who is injured on your property, even if you are not legally liable for their injuries.
- Damage to premises rented to you: This coverage pays for damage to property that you rent, such as a store or office space.
In addition to these common coverages, GL insurance may also include other types of coverage, such as:
- Products liability: This coverage protects you if someone is injured by a product that you sell.
- Liquor liability: This coverage protects you if someone is injured after drinking alcohol that you serve.
- Employment practices liability: This coverage protects you from lawsuits filed by employees for discrimination, wrongful termination, and other employment-related claims.
The cost of GL insurance varies depending on a number of factors, including the size and type of your business, the industry you are in, and your location. It is important to shop around and compare quotes from different insurance companies to get the best possible rate.
