General liability insurance will help pay for medical expenses when a customer is injured in your place of business or by your product or service.
You may want to purchase a Commercial Umbrella Liability Insurance to guard against claims of that nature. However, keep in mind that general liability insurance typically doesn’t compensate for punitive damages that are assessed for negligence or willful misconduct. General liability business insurance also covers the cost to defend or settle claims, even when they are fraudulent. This includes all claims whether caused by you, an employee or a subcontractor. General liability insurance covers financial losses and the costs and damages resulting from claims up to the limit of your policy for bodily injury, property damage, personal injury (slander and libel), and perceived advertising misrepresentation. What Does General Liability Insurance Cover? If your business is already up and running and you have a general liability policy in place, be sure to review it periodically to make sure it’s up to date.įor the future, as your business expands and grows, it’s a good idea to increase your coverage limits and reduce your exposure to potential claims. If you are in the process of starting a company, purchase your general liability insurance before you open your doors. claims of personal injury from libel or slander or for advertising injury claims purporting misrepresentation of your products or services.damage to a customer’s person or property resulting from using your product or service, and.property damage when work is done by your company,.General liability insurance protects your business from four things (based on the limits of your coverage): General liability insurance (sometimes called Commercial General Liability Coverage) should be the foundation you build upon to protect your company or professional practice. Whether you work from an office, out of your home, or in the field, it’s important to protect your business as well as your personal assets by having good insurance coverage for unforeseen situations. Protect Your Company and Professionals from Claims Resulting from Using Your Products or Services with General Liability Insuranceįor any business, large or small, general liability business insurance should be an essential part of your business insurance portfolio.
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