General liability insurance is a type of policy that covers bodily injury, personal injury and any property damage caused by business operations. [Source: Investopedia]
While many think of construction companies or warehouses as workplaces where injuries can occur, they can actually happen at any and all workplaces.
Often, most states require businesses to have a workers’ compensation insurance policy as well as a commercial auto insurance policy. But, a general liability insurance policy is another great thing, especially if your business often deals with third party vendors and contractors.
What Exactly Does General Liability Insurance Cover?
- Bodily injury – injury to someone’s body caused by or at your business
- Example: a customer slips and falls inside of your store and sustains injuries
- Property damage – damage to a client’s belongings while at your business, as well as damage to a client’s home or other property
- Example: if your business was repairing shingles on a roof, and the ladder went through the client’s window.
- Copyright infringement
- Example: using someone else’s work and claiming it as your own
- Reputational harm
- Example: saying something about another company in an interview that hurts their business
- Advertising injury
- Example: using advertising and other marketing efforts to defame another business or business owner
How Much Coverage Does My Business Need?
It depends on the size. According to Forbes Magazine, small business owners need $1 million per occurrence and a $2 million aggregate policy. This number will continue to increase as your business grows.
How Much Does General Liability Insurance Cost?
This also varies. But, according to Forbes, it’s not expensive. Most policies will cost your business $30 a month or less, which isn’t a large number considering the amount it could save you were someone to file a claim against your business.
Where Do I Get a Policy?
Lucky for you, you’ve come to the right place! We provide general liability insurance for companies all across the Southeast. Contact a member of our team via phone, email or by using our online form.