General liability insurance (GL), sometimes called commercial general liability insurance, protects your company from risks you face every day—things like damage to the property of others, bodily injury to customers, product liability, libel, and copyright infringement—and claims that may be filed against your company as a result.
Without general liability insurance, your company can suffer serious financial damage from allegations, liability, and lawsuits. Plus, small business liability insurance may be required by law, by your clients, or in a lease.
What Does Commercial General Liability Insurance Cover?
In business as in life, accidents happen. Commercial general liability insurance from biBERK is important because it keeps incidents from creating financial hardship by covering costs associated with:
- Damage to the property of others or physical injuries to customers caused by your business
Advertising “injuries” such as making negative
statements about a competitor that hurt their business when you are
promoting your products or services
- Medical costs for customers who injure themselves at your place of business
What Does Commercial General Liability Insurance Not Cover?
It’s important to note that commercial general liability insurance
does not cover things like damage to your business property, auto
accidents in company-owned vehicles caused by you or your employees when
traveling for work, personal injuries to your employees, and fraudulent
or intentional acts.
Our insurance experts can talk with you about exclusions and other types of coverage you may want to consider.
What Does Small Business Liability Insurance Cost?
A number of factors affect your small business liability insurance cost.
One of them is the type of company you operate. Some businesses involve
more risk than others, and that risk and your GL insurance rate tend to
go somewhat hand-in-hand. However, other company attributes play a
- Years in business
- Claims history
The specifics of your policy—things like coverage limits
(the maximum amount the insurer will pay for a covered claim) and
deductibles (the amount you pay for a covered claim before your
insurance plan starts to pay)—affect your rate as well.
Taking a few minutes to get an online quote is the best way to determine your small business liability insurance cost.
Common General Liability Insurance Claims
Still wondering if your business would benefit from
having general liability insurance? Here are some examples of common
types of claims that can be addressed by GL coverage:
- A customer becomes seriously ill after eating at your restaurant and sues you for medical costs of $5,000.
- You incorrectly perform a plumbing job and are found liable for $150,000 in damages caused by a leaking pipe.
- A customer visiting your store slips on a wet floor
and breaks her arm. Her medical costs are $25,000, and you are found
liable and required to pay.
A former client claims to have overheard you saying
negative things about them to a mutual business associate and sues you
for slander for $150,000 to cover lost sales that they claim resulted
from damage you caused to their reputation.
Small business liability insurance can cover costs
associated with these types of incidents, providing peace of mind to
Who Needs General Liability Coverage?
Most small businesses can benefit from general liability coverage. We
provide GL insurance to many types of businesses, including:
- Landscaping companies
- Auto repair shops
- Real estate companies
- Janitorial services
- Health care practices
- Transportation businesses
If you want to know more about how best to protect your business, our small business insurance experts are here to help.
About biBERK Business Insurance
biBERK can help you with all your small business insurance needs, including: commercial auto, general liability, property and liability, umbrella, and workers’ compensation. https://www.biberk.com
Rakesh Gupta | 402-408-2870
This content is published on behalf of the above source. Please contact them directly for any concern related to the above.