It takes a lot to build a business. don’t let something preventable tear it apart.
Things come up in the everyday course of business that can have a hugely negative impact on your operation – if you aren’t protected. General Liability Business Insurance can help you feel secure, and let you focus on your day to day.
Do I need Commercial General Liability Insurance, General Liability, or Business Liability Insurance?
These are all terms for the same product! Different companies use different terms, but they are all business insurance products designed to protect your company from claims involving property damage or bodily injury from people not associated with it, like customers or competitors.
What Does General Liability Insurance Cover?
Most Business General Liability Insurance policies categorize claims into a few categories:
- Bodily Injury and Medical Costs. Bodily Injury pays for legal fees and court settlements in the event of a lawsuit, while a Medical Costs directly addresses medical expenses.
- Property Damage, which is easiest to picture if you have employees that work onsite on customer’s property. If an employee damages something valuable, this coverage would cover the costs.
- Reputational Harm if you’re sued for slander or libel this coverage will help you mount a defense and pay damages.
- Advertising Injuries or Errors. Like reputational harm claims, a business can be sued for false advertising or using copyrighted materials.
- Rented Property Damage caused by a fire, lightning strike or explosion.
A lot of new business owners are surprised to find out that these claims are a lot more commonplace than you would like to think; the ones that are properly covered are a little better able to weather the storm.
What Doesn’t General Liability Insurance cover?
General liability covers your business for damages claimed by others, but that doesn’t usually extend to claims made by employees. Worker’s Compensation Insurance can cover the costs of an employee getting injured on the job, and Employment Practices Liability Insurance can protect business owners if they are sued for Wrongful Termination, Harassment or Discrimination.
What other Business Insurance Policies do I need?
Business Insurance is as different as, well, businesses are. Do your employees drive in the course of their job? You probably need Commercial Auto Insurance. If you have directors or partners, you should carry Management Liability Insurance to protect yourself from any mistakes they may make without your knowledge. If a client sues you for a mistake in your services, Professional Liability coverage would come in handy.
A Business Owner’s Policy would include General Liability Insurance bundled with other coverages relevant to your industry, and tailored to the way you operate. Considering adding a Commercial Umbrella Policy in case of excessive claims is always a good idea.
There’s no one-size-fits-all policy for business insurance, because there’s no one-size-fits-all way of doing business. But the bounty of available options make it possible for Plummer Insurance’s agents to create a policy that fits the needs of your operation to a tee. Reach out today!
You know your business. Insuring it is our business.