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What Is General Liability Insurance?
November 9, 2020
A large bodily injury or property damage claim can be a serious financial threat can severely damage a small business.
General Liability (CGL) insurance protects you by providing a financial safety net for your business in the event you are sued for an injury that occurred at your business, for damaging a visitor’s property, or causing an advertising injury, such as slander, libel or a copyright violation. The insurance protects you by paying for reasonable costs involved in your legal defense which includes attorney, court, and expert witness fees. It also covers any financial losses you incur while participating in your defense, covers judgments and settlements related to your case, as well as the plaintiff’s medical expenses.
In the event of serious property damage or injuries, settlements and court judgments can easily bankrupt a small business. For this reason, general liability insurance is one of the most common insurance policies.
What does General Liability Insurance not cover?
• Losses or injuries you cause through your own negligence
• Your personal or commercial property
• Your personal vehicles or boats
• Breach of your confidential personal information
• Professional services provided to a client
• Injuries or disabilities among your own employees
• Damage or injuries you intentionally cause
If you are a responsible business owner who cares to do reasonably safe work – and you have not been sued often in the past – most insurance carriers are equipped to you with coverage.
Is your business an excellent candidate for small business protection with General Liability Insurance? The following are excellent candidates:
• Building design
• Construction and contracting
• Consulting
• Food and beverage
• Healthcare professionals
• Home-based businesses
• Information technology
• Insurance professionals
• Nonprofits
• Real estate
Some industries have more of a need to carry General Liability Insurance. These include companies that:
• Bring customers or visitors into their workspace
• Work with customers on dangerous equipment
• Conduct business activities at a third-party location
• Rent from a commercial landlord who requires coverage
• Make deals with customers who require a certificate of general liability insurance before signing a contract
Waldorff Insurance and Bonding stands by their clients and community by helping business owners compare commercial insurance quotes from A-rated U.S. carriers. Call our office today for your free quote from one of our qualified agents.
*** This article provides general information, and should not be construed as specific legal, HR, financial, insurance, tax or accounting advice. As with all matters of a legal or human resources nature, you should consult with your own legal counsel and human resources professionals. Waldorff Insurance and Bonding shall not be liable for any direct, indirect, special, consequential, incidental, punitive or exemplary damages in connection with the use by you or anyone of the information provided herein.
What are surplus lines markets? Regular insurance carriers are also called standard or admitted carriers. They must follow state regulations concerning how much they can charge and what risks they can and cannot cover. Surplus lines or non-admitted carriers do not have to follow these regulations, which allows them to take on higher risks that are declined by admitted carriers. Surplus lines cover high limit and hard-to-place risks.
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