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Liability insurance is one of the most fundamental financial protection that any business can have. Unfortunately for those who are still new to commercial insurance, it’s very easy to get confused by all the different options out there.
That said, if you want all-around protection for the most common dangers you can possibly encounter, you should get general liability insurance.
This article will discuss everything you need to know about general liability insurance.
What Is General Liability Insurance?
There are many kinds of business insurance policies that you can get for your company, but among them, general liability business insurance is one of the most popular.
This type of policy protects you against ‘general claims’ – things like bodily injury, property damage, legal costs, and other similar items that your business can be held liable for.
Note that general liability insurance isn’t very specific, which means special types of business liability (such as data and cybersecurity) would most likely not be covered.
However, general liability business insurance is still highly sought after by business owners because it offers a wide range of protection for a reasonable cost.
Who Needs General Liability Business Insurance?
You never know what’s going to happen on any business day, so almost every business needs some type of general liability insurance.
However, admittedly some commercial endeavors generate more liability risks than others, so some need this type of commercial insurance more.
Your degree of risk depends on several factors, such as:
- Business size
- Industry
- Location,
- Service or product delivered
- Third-party interactions
Here are the types of businesses that need liability insurance the most.
Manufacturers and sellers of products
If you offer any kind of product in the open market, you have to be ready for any issues that may arise from it. A tailored general insurance policy will help protect you from any liability that arises from your product.
Restaurants and other foodservice establishment
Foodservice establishments such as restaurants, fast food, and cafes face higher liability risks due to many factors, including increased customer turnover and the possibility of spoiled food. If your business belongs in this category, you need general liability insurance.
Establishments with a high volume of third-party visitors
Your business might have a physical location that a lot of customers, suppliers, or passers-by visit, such as retail stores, lumber yards, warehouses, etc.
If many third-party individuals are visiting your location, it means that you have increased exposure, which heightens the risk of something happening within your premises.
This risk is further compounded by the presence of equipment or machinery your employees might be using near the customers, such as lumber yards or large retail stores.
Service providers that can harm property
If you own a contractor agency that constructs, repairs, installs, or maintains something that can be found on the customer’s premises, then you are at a higher risk of property damage.
This follows the same principle of increased exposure because your employee is within the customer’s property. The risk is further heightened if you deal with heavy machinery or power tools, such as in construction.
Service providers that can harm reputation, physical health, or finances
Consultants, advertisement agencies, independent medical providers, etc., can cause potential harm due to errors or negligence. When that happens, tailored general liability insurance can help cover the cost of any damages within the policy limit.
Why Do You Need General Liability Insurance?
Without general liability, your business can suffer a significant amount of damage from accidents or unintended consequences.
If a customer is hurt because of your product or service, you are liable to pay for any fees that might arise. They could also easily sue for a bigger amount in court.
Without general liability coverage, you would have to pay everything out of pocket. This is a huge blow to any business, more so if you’re a start-up or a small local business.
In addition, some clients require their business partners to have general liability insurance.
Suppose you operate in a high-level capacity with another company, contractor, or business establishment. In that case, they are staking their reputation with yours, and they will want assurance that you’re not vulnerable.
General Liability Insurance Coverage
General liability insurance has a pretty straightforward coverage, however, the degree of coverage and policy limits will change depending on your risk profile.
You can also get additional liability coverages to supplement your standard general liability insurance.
Thus, there’s a wide variety of coverage that you can expect from general liability insurance, such as:
- Bodily injury
- Medical expenses
- Legal costs
- Property damage
- Reputational harm
- Lost wages, etc.
General Liability Insurance Cost
Since this type of policy is usually made specifically for your business, the costs can vary widely. The premiums that you have to pay will be large depending on several factors, such as:
- Location,
- Business size,
- Industry,
- Claims history,
- Condition of your building and equipment,
- Policy details (desired policy limits, deductibles, etc.)
The best way to get an accurate picture of how much you will pay is to get a quote from a reliable insurance agency, such as Magnum Insurance.
Getting General Liability Insurance For Your Business
General liability insurance is one of the most common types of insurance that business owners write up for their establishments. And for a good reason – after all, it provides a wide range of coverages, tailor-made to fit your specific risks.
If you’re running a business and you don’t have a general liability policy yet, you should get one as soon as possible. Interested? Call us today at Magnum Insurance to get a quote!
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