What is General Liability Insurance?

What makes general liability insurance an essential investment?

In the bustling business world, even the most careful and diligent companies can be involved in incidents from which other parties suffer.

Whether your organization operates out of a traditional office space, visits clients at their homes or businesses, or nomadically roams the country, you could potentially find yourself embroiled in situations with costly financial stakes.

How Does General Liability Insurance Coverage Work?

This type of coverage, also known as commercial liability insurance, can play a critical role in protecting your business’s financial interests and assets following situations in which other parties accrue fiscal losses.

The coverage offered by this type of insurance policy can be versatile and assist with the aftermath of many common incidents that may occur in businesses of all sizes and industries.

Policies function similarly to many types of insurance by establishing contracts between your business and its carrier. After selecting the details of your coverage, you’ll be quoted a rate, also known as your premiums.

Keeping up with these regular (e.g., monthly) payments allows you to submit claims for financial aid in response to covered incidents. If approved, resulting payouts can help limit out-of-pocket losses up to your policy’s limits.

What is Covered?

General liability insurance can typically assist with the following situations affecting other parties:

• Bodily injuries—If someone, such as a guest or customer, is injured due to your business’s actions, your policy can help pay for the resulting losses.

• Property damage—Your insurance can assist with third-party costs and losses if you are at fault for an incident that damages someone else’s property.

• Personal and advertising injuries—Should your business or its employees be at fault for reputational harm or personal injuries (e.g., slanderous or libelous statements), your insurance can offset financial consequences.

How Much Does a General Liability Insurance Policy Cost?

General liability insurance rates are typically determined after an analysis of various factors, including the following aspects of your business:

• Location

• Industry

• Workforce size

• Years in business

• Claims history

• Coverage limits

How to Get General Liability Insurance Coverage in Charlotte, NC

Contact today to learn more or get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.