General Liability Insurance

General Liability Insurance

General Liability Insurance  In the modern society, small accidents can result in protracted, money-sapping lawsuits. General liability insurance comes in handy in such scenarios. This insurance policy covers your business or company’s assets in the event of a lawsuit for damages it may or may have not inflicted upon a person through injury or for any property damaged.

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You can buy commercial general liability (CGL) insurance independently or as part of BOP (Business Owners Policy). The Business-Owners Policy combines liability and property cover as one pack. However, the liability insurance cover has low limits as most insurers aim at providing comprehensive cover at reasonable cost; businesses in need of greater coverage prefer buying it as an independent policy.

In a commercial general liability insurance policy, legal costs of the company have to be paid by the insurance provider. Covered liability claims include compensation for damage to other people’s property or loss of use for the same, personal injury as a result of defamation, bodily injury and cost of medical care to the injured party; restitution for death & loss of service as well as damages from false advertising (advertising injury). Some providers also cover general and compensatory damages.

As a rule, the deductible or the percentage of the insurance claim that has to be borne by the insured and the premiums that are paid for the coverage provided in the policy are inversely related. Companies may also purchase umbrella liability insurance policies to help them cover any payment that may exceed the limits of a general liability insurance policy. For instance, if a company has a $1.75 million occurrence cap and loses a lawsuit of $ 2.25 million; the insurance provider just pays the $ 1.75 million, if you do not have an umbrella liability policy, you will have to pay the rest.

General liability and property insurance does not protect your company or business from professional errors or negligence. This is normally covered under the Errors & Omissions (E&O) insurance policy. If your business provides services to clients in lieu of a fee, you should purchase the E&O policy as it will protect you from legal hassles that may arise from claims of negligence or omissions related to the discharge of duty.

As a general requirement, the policy holder has to report to the insurance provider as soon as the incident or accident which could result into a lawsuit takes place. You will also be required to help with the investigations, forwarding of legal notices etc.

General liability Business Insurance Quotes

There are many insurance companies that provide general liability insurance policies but you need to search for the best deal. The best way to go about this is by getting quotes from several providers; this gives you an opportunity to compare them and choosing the best. The cost of a general liability insurance policy depends on a number of factors including the risks to be covered, amount the company pays its employees etc. Tip: read and understand the terms & conditions of the policy between signing the contract.

Related Links:

Workers Compensation Insurance

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