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Business Liability Insurance

General liability insurance helps protect your assets by providing a first line of defense against a variety of claims for alleged negligence or wrongdoing. In today's lawsuit-happy society, litigation can wreak havoc with any business — including yours.

By covering the cost of defending or settling these claims, a business general liability insurance policy can help you keep your business in business.

What does a typical General Liability Insurance policy cover?

Liability: Liability Insurance covers five basic categories of business liability:

  • Bodily Injury — physical harm to a person at your place of business, or an injury caused by your employee at a client's site.
  • Completed Operations/Products Liability — losses after your business has completed work for a customer (such as repairing appliances or installing plumbing), or from manufacturing and distributing products.
  • Personal Injury — damage to the reputation or rights of a person or business due to slander, libel, copyright infringement, invasion or privacy, false arrest, wrongful eviction, etc.
  • Advertising Injury — losses caused by your advertising (spoken or written); for example, an ad that trashes a competitor.
  • Independent Contractors Liability Insurance — damage from the acts of an independent contractor hired by your business.

Medical Payments: Pays the medical expenses of a person injured on your premises (a customer, client, visitor, or even a trespasser) up to a stated amount, regardless of fault — as a goodwill gesture to prevent lawsuits.


Damages Covered

Your Business Liability Insurance will pay three types of damages:

  • Compensatory damages —financial losses of the claimant, plus additional monetary losses resulting from the claim.
  • General damages — for intangible losses ("pain and suffering.” “mental anguish,” etc.)
  • Punitive damages — penalties against your business for committing a wrongful act.

   
Exclusions

Although General Liability insurance provides a wide range of protection for your business, it won't pay liability claims related to these areas (which you can cover with other policies):

  • On-the-job injuries to employees (Workers Compensation Insurance);
  • Operating autos or trucks in your business (Business Auto Policy);
  • Performing, or failing to perform, professional services (Professional Liability/Errors & Omissions);
  • Acts as a corporate director or officer (Directors & Officers Policy);
  • Pollution (Environmental Liability Insurance);
  • Damage to property of others in the care, custody and control of your business — for example, an electronic repair shop storing customers' televisions (Baillee's Customer Floater); and
  • Products, such as food items or toys, subject to recall.

General Liability Insurance also excludes coverage for losses related to war, terrorism, or nuclear events.

   
The Bottom Line

A well-crafted General Liability policy can help give you financial peace of mind, freeing you up to grow your business. Go ahead and get a free quote now!

  get a free no-obligation Quote now!
Quotes

"The secret of successful managing is to keep the five guys who hate you away from the four guys who haven’t made up their minds."

- Casey Stengel

 "I praise loudly, I blame softly."

- Catherine the Great

 "Oh, you hate your job? Why didn’t you say so? There’s a support group for that. It’s called 'Everybody,' and they meet at the bar."

- Drew Carey

 
Resources
Occupational Safety and Health Administration 
Internal Revenue Service 
Library of Congress  
 

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