Whether you are a beginner or an established business owner, you know it’s important to protect your assets and yourself. One of the best ways to do that is by getting liability insurance. But what is it exactly? In today’s post, we tell you everything you need to know.
What is General Liability Insurance?
General liability insurance is a type of insurance that provides coverage for damages or injuries that you or your business may be held liable for.
This type of insurance can cover costs related to property damage, bodily injury, and personal injury, as well as legal and defense costs up to the limits defined in your policy.
What Does General Liability Insurance Cover?
General liability insurance covers a wide range of incidents that can occur in the course of doing business. This includes:
- Property damage: If you or an employee damage someone else’s property while on the job, general liability insurance can cover the cost of repairs or replacement.
- Bodily injury: If a customer or visitor is injured on your business property or as a result of your business activities, general liability insurance can cover some of the related costs. Emotional distress can also be considered bodily injury even if there’s no physical harm.
- Personal and advertising injury: If someone accuses you of libel or slander, general liability insurance can help cover legal costs and damages.
- Medical payments: Limited coverage for medical payments may include payments for injuries caused by an accident that takes place on your premises or as a result business operations
What Doesn’t General Liability Insurance Cover?
While general liability insurance is a valuable protection against many potential liabilities, there are some things that it does not cover. For example:
- Employee injuries: If your employees are injured on the job, you’ll need workers compensation insurance to cover their medical expenses and lost wages.
- Intentional damage: If you or an employee intentionally causes harm to someone else, general liability insurance won’t provide coverage.
- Professional errors: If your business provides professional services, such as legal or financial advice, you’ll need professional liability insurance to protect against potential errors or omissions.
Do You Have Insurance Questions? Contact Our Experts Today
Why does Your Business Need General Liability Insurance?
No matter how careful you are, accidents can happen. And when they do, they can be costly. Without general liability insurance, your business could be responsible for paying any damages or legal fees out of pocket.
Lawsuits can be financially ruinous for businesses of all sizes. General liability insurance offers protection and peace of mind, allowing you to focus on running your business instead of worrying about potential financial liabilities.
Need General Liability Insurance? Carter Bradley Insurance Solutions Can Help
At Carter Bradley, our team is solely focused on your unique needs to find the best prices and coverage you require for your business, home, auto and life insurance.