If you own a small business, you know you face business risks and you may be wondering, “What are some general liability insurance claims?” It’s an important question because the answer can help you understand if you need one general liability insurance (most companies do) and if so, how much.
What is business liability insurance?
Business liability insurance is a type of insurance that protects your business from the potentially severe financial consequences associated with many types of liability. This contains:
- Damage your business causes to customers’ or others’ property
- Physical Injury to Non-Employees
- Product liability, when a product you develop or sell causes harm to someone or damages their property
- Slander, slander, or copyright infringement, including things like “advertising violations” when you say derogatory things about a competitor in your ads
With the right amount of coverage (and possibly a Umbrella Insurance to extend this coverage) is essential to protecting your business.
General Liability Insurance: Common Scenarios
General liability insurance is useful in a variety of cases. For example, it can provide coverage in scenarios like these:
Can liability insurance cover be customized?
General liability insurance coverage is fairly broad. However, you can customize your policy as needed with many different types of add-ons. This can be so-called "endorsements" to the:
- Cyber Liability. This additional insurance protects you in the event of an incident such as a data breach involving consumer, employee or customer data. It can also provide cover for regulatory defenses if a government agency requires you to appear in court.
- Liability for rented and non-owned cars. This coverage provides protection when you or an employee of your company is driving a rented, leased, hired or borrowed vehicle for business purposes. A typical example is an employee who…
