General liability insurance (GLI) is also known as commercial general liability insurance or company liability insurance. When bodily injury or property damage claims are made against your company during regular business operations, this sort of liability insurance coverage can aid. Without general liability insurance, you would be responsible for covering any out-of-pocket medical costs and property losses.
- General liability insurance can also help pay for:
- A customer or client slipping and falling in your business and needing medical treatment
- Your employee accidentally damaging a customer’s wall while working in their home
- Defense costs from lawsuits against your business
- Judgments and settlements from a customer or client’s lawsuit
Who Needs General Liability Insurance?
In the next ten years, four out of ten small business owners are likely to suffer a property or general liability claim1. Claims can be related to unanticipated events like burglaries or unforeseeable catastrophes like a customer getting hurt after slipping and falling.
How Much Does General Liability Insurance Cost?
The price of your general liability insurance might range from a few hundred to a few thousand dollars each year depending on a number of factors. Your sort of business is a significant factor. Compared to enterprises in lower risk industries, businesses in higher risk industries pay more for general liability insurance.
For instance, insurance bids and rates are likely to be greater for construction companies than for consulting firms. The following aspects of your company can also influence the price of liability insurance:
- Number of employees
- Building condition
- Policy details, like coverage limits and deductibles
- Insurance claims history
Getting insurance quotes is the best approach to determine how much your commercial general liability insurance will cost. Your policy can be modified to meet your unique needs. Find out how liability insurance can defend your company by requesting a quote today.
Why Do You Need General Liability?
Liability insurance coverage aids in defending you against pricey general liability lawsuits that may arise in typical business circumstances, such as:
- You or your staff are speaking on behalf of a client.
- Meeting with clients face to face
- Working on or with another person’s property
- Using third-party locations for business activities
- Advertising your business
If any of your clients want this insurance, you might also need it. Before they get into a contract with your company, many clients want to be sure you are covered by general liability insurance. A certificate of liability insurance is proof that you have general liability coverage. Increase your company’s security by purchasing commercial umbrella insurance that will protect you, your staff, and the cars you drive, lease, rent, or own.
Is General Liability Business Insurance Required by Law?
State laws often do not mandate general liability insurance for business owners. Nevertheless, having this liability insurance coverage is a wise idea. Your company’s finances as well as your personal assets may be at stake if a consumer sues you and you don’t have insurance.
It’s crucial to comprehend the insurance regulations in your state. To assist you in selecting the appropriate business liability insurance, work with a nearby insurance firm or our knowledgeable small company insurance team.
Increase Your Protection by Purchasing Professional and Limited Liability Insurance.
You can segregate your personal assets from your business assets by forming an LLC. However, you remain open to liability claims that could financially jeopardize your company. A limited liability insurance policy can assist in safeguarding your LLC and provide coverage for lawsuits stemming from property or bodily harm brought on by your company.
A professional liability insurance policy can defend your company in the event that you are held liable for errors in the professional services you rendered. Errors and omissions (E&O) insurance is another name for this type of protection.
Request a quote for general liability insurance.
Different insurance providers exist. It’s crucial to work with someone you can rely on and trust. We have more than 200 years of experience assisting small business owners in securing coverages like general liability insurance for their enterprises.
We have your back whether you need assistance with obtaining a quote, comprehending general liability class laws, or making a claim. Start a free estimate for general liability insurance with us today to discover more. We can also assist you in obtaining other crucial company insurance policies, such as commercial auto and property insurance.
Many small businesses need Business insurance. You can get the coverage by adding it to your Business Owner’s Policy. To learn how you can protect your business, get an insurance quote today or call 800-750-9115 today.