General Liability Insurance Made Easy
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Let’s talk about something that doesn’t sound like the most exciting topic – General Liability Insurance. But wait, don’t hit the snooze button just yet! You might be surprised at how interesting and important this type of insurance can be for businesses of all sizes. It can be vital in protecting a business due to unforeseen events.
What Is General Liability Insurance?
Picture this: you’re at your store, and a customer slips on a banana peel and falls. Yikes! That’s where General Liability Insurance comes in. This type of insurance covers claims of bodily injury, property damage, and personal and advertising injury for which your business may be held responsible. There are a variety of different things that this insurance covers.
Coverage Details Of General Liability Insurance
So what exactly does General Liability Insurance cover? First up bodily injury coverage. This includes injuries to a person on your property or as a result of your business operations. Next, property damage coverage – if your business causes damage to someone else’s property, this insurance has got you covered. Personal and advertising injury coverage also protects against claims like slander, libel, and copyright infringement. Finally, medical payments coverage can help with medical expenses for someone injured on your property or due to your business operations.
Who Needs General Liability Insurance?
If you’re a small business owner, contractor, subcontractor, freelancer, or self-employed individual, you might want to consider getting General Liability Insurance. Even non-profit organizations can benefit from having this type of coverage.
How To Choose the Right General Liability Insurance Policy
Okay, so you’re convinced – you need General Liability Insurance. But how do you choose the right policy? Start by evaluating your business risks. Then, research and compare policies from different insurance providers. Don’t forget to consider the cost and coverage limits and review the policy terms and exclusions. At BIGinsurance we can hold your hand and lead you to the right general liability insurance for your company.
How Much Does General Liability Insurance Cost?
The cost of General Liability Insurance depends on factors such as your business type, the level of risk involved, and the coverage limits you choose. Therefore, getting quotes from different insurance providers to compare costs is best. Go to Biginsurance.com and chat with one of our agents to get a breakdown of the different costs!
How To File a General Liability Insurance Claim
Uh oh, something’s happened, and you need to file a General Liability Insurance claim. Don’t panic! First, notify your insurance provider as soon as possible. Then, provide detailed information and evidence of the incident. Next, cooperate with the insurance adjuster, and keep records of all expenses related to the claim.
Phew! That was a lot of information, but hopefully, now you understand why General Liability Insurance is so important it is one of the most important parts to having comprehensive business insurance. No one wants to think about accidents or lawsuits, but having the right insurance can give you peace of mind and protect small business owners. General liability insurance can quite literally be a lifesaver. So, what are you waiting for? Contact BIG Insurance to help you get the best general liability coverage available for your business.
Frequently Asked Questions About General Liability Insurance
Is General Liability Coverage Required By Law?
General Liability Insurance is not always required by law, but clients or contracts often require it. It’s also a good idea to have it to protect your business from potential lawsuits on a state or national level.
What’s the Difference Between General Liability Insurance and Professional Liability Insurance?
General Liability Insurance covers claims of bodily injury, property damage, and personal or advertising injury, while Professional Liability Insurance covers claims related to professional services, such as errors and omissions.
Can I Get General Liability Coverage If I Have a Home-based Business?
Yes, you can get General Liability Insurance with a home-based business. Just make sure to talk to your insurance provider about your specific needs. Whether you work in a small or big building, general liability insurance is a great idea.
Does General Liability Insurance Cost Include Employee Injuries?
No, General Liability Insurance does not cover employee injuries. You’ll need to get Workers’ Compensation Insurance to cover employee injuries, but that’s a whole other topic! You can go to Biginsurance.com and chat with one of our insurance agents to see different Workers’ Compensation Insurance pricing alternatives.
Does General Liability Coverage Include Damages Caused By My Product?
No, General Liability Insurance does not cover damages caused by your product. You’ll need to get Product Liability Insurance to cover damages caused by your product. Go to Biginsurance.com to view different options for this!
Can General Liability Insurance Be Canceled Or Non-renewed?
Yes, insurance providers have the right to cancel or non-renew General Liability Insurance policies for various reasons, such as non-payment of premiums or increased risk exposure. Talk to your provider to read the fine print and see the different stipulations that come with yours.
How Long Does a General Liability Insurance Policy Last?
A business liability insurance policy typically lasts for one year. You’ll need to renew the policy annually to maintain general liability coverage. Different insurance policies vary though, so it’s best to contact your policy provider to receive the most accurate information.
What’s the Difference Between Claims-made and Occurrence-based General Liability Insurance?
Claims-made General Liability Insurance covers claims made during the policy period, while Occurrence-based General Liability Insurance covers claims during the policy period, regardless of when the claim is made.
What Happens If I Don’t Have General Liability Insurance and Someone Sues Me?
If you don’t have business liability insurance and someone sues you, you’ll need to pay for legal fees and any damages awarded out of pocket. This can be financially devastating for a business, so having the right business insurance coverage is essential to protect yourself.
Can I Customize My General Liability Insurance Policy?
Yes you can customize your general liability insurance policy. Insurance providers allow you to customize your General Liability Insurance to meet your business insurance needs and risks. You’ll just have to contact BIGinsurance or your provider to get started on this and see what elements are best for you!