General Liability Insurance - Protect your business from hefty liability costs
What is General Liability Insurance? • General liability insurance helps businesses pay for any third-party injuries, property damage, unexpected lawsuits, which may result in bankruptcy. • Commercial general liability insurance (CGLI) helps businesses from claims that happen as a result of normal business operations
Why do you need general liability insurance? • It can impact small business reputation positively. • It increases client contracts. • It demonstrates responsibility. • It establishes trust.
How much does the costliest liability claim cost? • According to Insurance Journal, one of the costliest liability claims is customer injury or damage, which can cost your business a minimum of $30,000.
What does general liability insurance cover? • Property damage • Physical injury • Advertising injury • Defense cost • Personal injury • Libel and slander
Some additional policies you might want to consider for your business • Commercial umbrella insurance • Product liability insurance • Liquor liability insurance • Professional liability insurance • Employment practices liability insurance • Contractual liability insurance • Event insurance
Common Endorsement to General Liability Insurance • Property damage • Injury to your employee • Error in the services your business provides • Supplemental liability insurance
Common Exclusions from General Liability Insurance • If a business intentionally causes damage, commercial liability insurance will not cover the loss. • Professional errors • Employees discrimination lawsuits • Vehicles used by a business • Employee injuries • Damage to your business property • Personal injury claims made by your employees • Illegal acts done on purpose
Factors that Determine General Liability Insurance Cost • Location • Business exposure risk • Years in business • Your deductible