General liability insurance is a type of commercial insurance that protects your business from claims made by people who were injured or had property damaged on your premises. The policy also covers your business for legal defense costs and settlements resulting from such claims.
In this article, we’ll discuss what general liability insurance is, how it works and why it’s important to have it in place if you own a small business. By the end of this blog post you should have a good understanding of what general liability insurance is and how it can help protect your company against lawsuits and other risks associated with running a small business.
What is General Liability Insurance?
General liability insurance is a type of insurance that covers the insured from losses resulting from accidents, injuries or errors. It covers the insured for claims made by third parties for bodily injury, property damage or personal injury.
The policy also provides coverage for legal costs and defense costs associated with these claims.
Types of General Liability Insurance
General liability insurance is a form of business coverage that protects you from claims made against your business. There are several different types of general liability insurance and each one offers different levels of protection, so it’s important to choose the right one for your needs.
Business Owner’s Policy (BOP)
The Business Owner’s Policy (BOP) is the most common type of general liability coverage because it combines multiple types of insurance into one package. It provides broad or special form coverage depending on which option you choose, as well as excess liability coverage in case another policy doesn’t apply or has reached its limit.
Why do you need it?
General Liability Insurance protects you against lawsuits, injury to others, damage to property and your business. It also protects against damage to your reputation.
- Protects against lawsuits: If someone files a lawsuit against you because they were hurt or their property was damaged, then general liability insurance will pay for the legal costs of defending yourself in court. You may even be able to get money back from the policy if it turns out that their claim wasn’t valid after all!
- Protects against injury: If someone gets hurt on your premises or while using something related directly with your business–like an employee who slips on ice outside during winter–the general liability coverage would kick in and pay medical bills up until $1 million per incident (or up until $3 million annually). This includes mental anguish as well as physical injuries sustained during an accident at work; however this part does not cover intentional acts such as violence against another person so don’t worry about being sued by someone who got punched in the face by accident!
- Protects against damage caused by employees/contractors: This is something very important when hiring people who might cause harm unintentionally while doing work related tasks such as construction projects involving heavy machinery like bulldozers etcetera… As long as there hasn’t been any deliberate action taken beforehand then this should protect both employer/employee relationships which makes sense since most companies nowadays try hard not only keep track but also stay updated with everything happening within them so accidents shouldn’t happen too often anyways.”
How much coverage should you get?
You will need to determine how much coverage you need based on your business. The type of company, service and location are all factors that will determine how much insurance coverage is appropriate for your business.
The amount of General Liability Insurance coverage should be based on two things: First, think about how big your company is and second, think about the type of products or services provided by the company. For example, if it’s a small business with only one employee who works from home then maybe only $500,000 worth of liability coverage would be enough; whereas if it’s a large corporation with multiple locations across the country then $5 million in liability could be required per incident (meaning five million dollars total).
Does general liability insurance cover everything?
So, does general liability insurance cover everything? No, it doesn’t. General liability insurance does not cover intentional acts, products or services and criminal acts.
When to buy general liability insurance.
How to buy general liability insurance? When you start a business, buy a home business or car, boat or property. General Liability Insurance protects your assets from financial loss due to bodily injury and property damage that may occur during the course of your daily activities.
General Liability Insurance covers:
- BODILY INJURY CLAIMS – If someone is injured on your property or suffers damage because of something you did (or didn’t do), it could be covered under this type of policy. For example: if someone slips on ice outside your office building and breaks their leg because there was no salt in front of the door; if they slip again while walking down stairs; if they trip over furniture left in an aisle at Walmart where they’d gone shopping with friends… You get the idea! This type of coverage includes medical expenses incurred as well as any legal fees associated with defending yourself against a lawsuit filed by someone who has been injured while visiting one of these places where accidents happen often enough that companies need special insurance policies just so people don’t get sued all the time!”
Where to get GA Insurance. Takeaway.
While you can get a general liability insurance quote online, it’s best to speak with a representative in person. They will be able to answer all your questions and help you find the right policy for your business. If possible, ask friends or family members who have had similar experiences with their insurance companies before.
When it comes time to compare policies and prices among different providers, make sure that each one includes the same coverage limits (the maximum amount paid out per claim). Also check each policy carefully because they may differ in terms of deductibles–the amount paid by you before an insurer pays out–and exclusions from coverage such as workers compensation claims or third-party property damage.
In addition to comparing prices among different providers, look into whether there are any discounts available through associations such as ABAG (Asian Business Association of Georgia), NAMBLA (National Association for Minority Businesses) or SCORE-Atlanta Chapter (Service Corps of Retired Executives). These organizations offer various benefits including reduced rates on various types of insurance products including general liability insurance!
Conclusion
We hope that this article has been helpful in explaining what general liability insurance is and why it’s so important to have. We also want to reassure you that we’re here for you if anything goes wrong!