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General liability insurance is one of the most common and helpful commercial insurance policies. This insurance covers losses when your business is liable for third-party injury, loss, property damage, and lawsuits. However, this liability must have arisen due to the business's daily operations to be eligible for a general liability claim. For example, if you run a grocery store and your customer slips off oil leaked on the floor, you are liable. In such a case, general liability insurance will come to your rescue. <br>To know more about general liability insurance, click here: <br><br>https://quotezebra.com/general-liability-insurance/
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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