The importance of general liability insurance
The importance of general liability insurance
Society today makes it more important than ever for all small and large businesses to have general liability insurance. This line of insurance protects your company if it is sued for something it did or didnt do that resulted in an injury to a person or caused damage to someones property. You can purchase general liability together as a part of a business-owner's policy (BOP) or as a stand alone policy. BOP policys put general liablity and property coverage together, however the general liability coverage under a BOP policy is usually lower than that of a stand alone policy. Businesses can rate the risk involved in their business based on a few factors: perceived risk and the state in which you operate. Rating your risk can help determine how much coverage you should purchase.
Depending upon your policy, once you purchase your general liability policy, the insurer will be obligated to pay the legal costs in a lawsuit or claim that is covered under their insurance policy. Liabilty claims that are typically considered covered include advertising injury (damage from slander or false advertising), personal injury, property damage, and bodily injury. Damages that may not be covered are punitive damages or those that are considered to be punishment for intentional acts.
Policies that cover general liability insurance will have a stated maximum amount that the insurer will be entitled to pay during the policy coverage period. In addition, these same policies should list the maximum amount the insurer will cover per occurrence. An example, if a business has a $2 million occurrence cap on its liability coverage and it's successfully sued for $2.5 million, the insurer would cover $2 million and the business would be responsible for the remaining $500,000.
In addition, to protect themselves from these types of situations, many businesses will purchase an umbrella liability insurance policy, which will cover what their general liability coverage does not cover. A quality umbrella policy will typically extend to your property, your liability and your commercial auto's.
Always be sure to talk with your agent directly about your business. They will be able to obtain more specific information tailored specifically to your businesses needs.
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