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General Liability Insurance
What is General Liability Insurance?
General Liability Insurance is a type of insurance policy designed to provide financial protection for businesses and individuals against a broad spectrum of liability claims. It is a fundamental component of risk management for businesses, helping them mitigate the financial impact of legal claims and lawsuits.
What does General Liability Insurance cover?
General Liability Insurance covers three main areas of liability:
Bodily Injury: Covers medical expenses, legal fees and damages if someone is injured on the insured’s premises or as a result of the insured's business operations.
Property Damage: Provides coverage for damage to a third-party's physical property caused by the insured's business operations, products or services.
Personal and Advertising Injury: This aspect covers claims related to defamation, slander, copyright infringement.
Why is General Liability Insurance Important?
General Liability Insurance is crucial because it shields businesses from the potentially crippling financial consequences of liability claims. Without this coverage, a single lawsuit could bankrupt a small business. It allows businesses to focus on their operations without constant worry about legal liabilities.
What Does General Liability Insurance Not Cover?
General Liability Insurance typically does not cover certain types of liabilities, such as:
Professional Errors: General Liability does not cover professionals from legal claims made against them related to allegations of a mistake made or any negligence while providing their professional services. This coverage would be provided by a Professional Liability Policy also known as Errors & Omissions (E&O).
Employee Injuries: Injuries to employees are excluded under a General Liability Insurance policy. Injuries to employees would be covered under a Workers' Compensation Insurance policy.
Auto Accidents: General Liability Insurance does not cover auto accidents involving company vehicles. An auto accident would be covered by a Commercial Auto Insurance policy.
Business Owned Property: General Liability Insurance does not cover damage to any owned business property. Any property that a business owns such as a contractor's tools & equipment, a tenant build out and/or inventory would be cover under a Commercial Property Policy.
Commonly Asked Questions
Are there any exclusions in General Liability Insurance policies?
General Liability Insurance policies typically contain a range of exclusions, which are specific situations or types of claims that the policy does not cover. These exclusions are....Read More
How are General Liability Insurance premiums calculated?
The calculation of General Liability Insurance premiums is influenced by several key factors that collectively determine the cost of coverage. The following factors that influence the calculation....Read More
Does General Liability Insurance cover accidents involving my employees?
General Liability Insurance generally does not cover accidents involving your own employees. Instead, it is designed to protect against claims and lawsuits brought by....Read More
Can General Liability Insurance protect against claims of defamation or slander?
Yes, General Liability Insurance can provide protection against claims of defamation or slander, which fall under the category of "personal and advertising injury" coverage. This aspect of General Liability Insurance safeguards....Read More
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