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General liability insurance (GL) , or general commercial liability insurance, is a go-to coverage to protect your business. It offers coverage for a wide range of business risks and can shield your company from financial losses and legal expenses resulting from customer injuries or damage to their property.
You should have general liability insurance if your business advertises, owns property open to visitors, or performs work that could result in personal injury or property damage.
Here are a few reasons why general liability insurance is a best practice for many businesses:
You want to remain financially stable in the event of a claim. Without it, your business will have to pay out of pocket for any costs related to a claim.
It’s invaluable to have the peace of mind that you are properly protected so you can focus on growing your business.
You might be required to show adequate general commercial liability insurance coverage in your contracts with other businesses. For example, if you're renting office space, your landlord could require you to have GL to protect their property.
You want to remain financially stable in the event of a claim.
It’s invaluable to have the peace of mind that you are properly protected.
You might be required to show adequate general commercial liability insurance coverage in your contracts with other businesses.
General liability insurance covers a wide range of risks many businesses face. Here are just a few examples:
An injury could occur on your property.
Your product could cause harm to a customer.
Your business operates out of and rents space at another building, and your business could cause damage to that property.
An injury could occur on your property.
Your product could cause harm to a customer.
Your business operates out of and rents space at another building, and your business could cause damage to that property.
The average annual cost of a general liability policy can start at around $500 for a small business, but coverage costs will vary. Here are a few factors that can influence the price of a general liability insurance policy for your business:
Though general liability insurance covers some of the most common business risks, it doesn’t cover everything. Here are a few other common risks and coverages and why you may need them to protect your business:
A business owner’s policy provides comprehensive coverage by bundling general liability insurance, commercial property insurance, and business income interruption insurance into a single policy. This makes the insurance process easier and more affordable.
A professional liability (E&O) policy covers the risks of professional services providers. If you advise or offer professional services (ex., accountant, consultant, lawyer, engineer, doctor, etc.) and you or your employee make a mistake that causes a loss for your customer, you are liable for that mistake and can be sued.
Workers’ compensation insurance protects employers and employees, covering financial needs in case of any workplace illness or injury. This insurance is required by law in most states.
A commercial auto policy covers vehicles used for business purposes, including cars, trucks, vans, and other vehicles owned or leased by your business.
Cyber insurance protects you against the consequences of a cyber incident, such as data breaches, network security failures, cyber extortion (like ransomware), and other cyber attacks.
By now you understand how important it is for your business to be properly insured. What’s next? Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.