General Liability insurance is a broad coverage that protects the assets of your business if your business is sued for something it did (or didn’t do) to cause an injury or property damage. General liability is a necessity for nearly all business types. The amount of coverage you purchase will vary depending on your risk exposure. It is a good idea to discuss your individual needs with an independent insurance broker, such as Engle & Associates, to create a custom risk management plan for your business.
General liability insurance will provide defense costs or legal costs of a business in a covered liability claim. It will also cover compensatory damages and general damages up to the specified policy limit. Claims covered by general liability include: bodily injury , property damage , personal injury , and advertising injury . In most cases, you may purchase products and completed operations liability as part of your general liability.
General liability insurance policies usually contain two limits of coverage (the maximum the insurance company will pay out). The first limit is the per occurrence limit. This is the most the insurance company will pay for one incident. The second limit is the aggregate limit. This is the most the insurance company will pay out during a single policy period.
General Liability insurance is one component to a good risk management plan. At Engle & Associates, we can help you develop a total risk management plan to help you keep your insurance rates lower, and your business running smoothly.
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Claim scenarios where General Liability Coverage would help:
- A customer is at your place of business. He slips and falls on the floor and breaks his arm. He is unable to work for 2 months while his arm heals. He sues you for medical bills and lost wages.
- As a contractor, you are finishing up a remodel for a client. Your employee accidentally leaves some oily rags in a pile. They ignite, and burn the client’s house down. You are sued for damages.
- One of the servers in your restaurant spills very hot coffee on a patron, causing serious burns. The patron is hospitalized and unable to work for several weeks. You are sued for injuries, lost wages, and dry cleaning costs.