Protecting your business from potential financial harm is essential, and a general liability insurance policy can provide that protection. This insurance coverage can be beneficial for nearly any type of business. Continue reading to learn about the coverage offered by general liability insurance and its cost.
What Is General Liability Insurance? 
General liability insurance, also known as business liability insurance, provides coverage for claims against your business that result in bodily injury or property damage to a third party. It can also cover damage to your landlord's property caused by your business operations and third-party personal and advertising injuries.
Who Needs General Liability Insurance?
While it may not be required by law, many landlords mandate general liability insurance as part of a lease agreement. Additionally, it may be required for licensing purposes or by a client. Nonetheless, it is highly recommended for businesses of all kinds to secure this type of coverage. Here are a few examples of businesses that could benefit from general liability insurance:
- Businesses that work with clients or customers
- Businesses that handle client property
- Businesses with a public-facing location, such as an office or storefront
- Businesses that rent or lease property
- Small business owners
What Does General Liability Insurance Cover?
A general liability policy can cover the following areas:
- Property damage—This coverage helps cover the cost of paying for damages to third-party property occurring during business operations.
- Bodily injury—This coverage helps cover costs, such as legal fees and medical expenses, associated with third-party bodily injuries caused by your business.
- Personal and advertising injury—This coverage helps cover legal fees if your business is accused of causing personal injury (e.g., slander or humiliation) to a third party, stealing advertising ideas or publishing false and misleading advertising statements.
How Much Does General Liability Insurance Cost?
The cost of your general liability insurance premiums will depend on several factors, including:
- Type of business
- Industry risk
- Location
- Coverage limits and amounts
- Number of employees
How to Get General Liability Insurance
At McInnis Insurance Services, Inc., we are dedicated to finding the right insurance coverage for your business. Contact us today to speak with an agent and obtain general liability insurance.
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.