General Liability Insurance

General liability insurance is a vital piece of protection for any business owner. General liability insurance is designed to protect the business from lawsuits in the event a customer or third party is injured or property is damaged due to the negligence of the business. There are several components of general liability insurance. Let's take a look at them below.

 

Important Features

• Bodily Injury and Property Damage: One of the main roles of General Liability insurance is to provide protection from bodily injury and physical damage lawsuits that are caused by the negligence of the business. This coverage is vast in what it covers. This can be damage caused to a customer’s property by an employee of the business. General Liability Insurance will also pay out for injuries sustained on the business’s property or because the direct result of negligence on behalf of the business. This coverage is not designed to pay for injuries sustained by employees of the business, as that will fall under workers compensation. 

 

• Legal Costs and Ramifications: A General Liability policy will not only pay for the damages to a claimant in a law suit, but will also pay for the court costs that the business may incur over the time of the loss. These costs could be lawyer fees, documentation fees, or any other costs that may arise in a court case. 

 

• Personal Injury: A general liability policy is not just limited to physical damage; it will also pay out for any personal damage that your business may cause. This could be a personal injury caused by a product that your business advertised or a false or misleading advertisement. Also, this coverage can protect the business in the event it copies or uses someone else’s intellectual property.