Do I Need General Liability Insurance for My Business?

As a business owner, you are likely aware of the importance of business insurance. But when it comes to General Liability insurance, do you know if you need it? In this blog, we'll take a look at what General Liability is and whether or not your business needs it.

What is General Liability insurance and what does it cover?

General Liability insurance is a type of insurance that provides protection against a wide range of risks, including bodily injury, property damage, personal injury, and others. It can also provide coverage for legal costs and expenses associated with defending against a liability claim. General Liability insurance is typically purchased by businesses as part of a business insurance package. However, it can also be purchased as a stand-alone policy.

General Liability insurance typically covers the following types of risks:

• Bodily Injury: This type of coverage protects the insured against claims for bodily injuries sustained by third parties in connection with the business' operations. This includes claims for medical expenses, lost wages, and pain and suffering.
• Property Damage: This type of coverage protects the insured against claims for damage to property belonging to third parties in connection with the business' operations. This includes claims for repairs, replacement, or loss of use of the damaged property.
• Personal Injury: This type of coverage protects the insured against claims for injuries to the reputation or character of third parties arising out of the business' operations. This includes claims for libel, slander, defamation, or invasion of privacy.
• Advertising Liability: This type of coverage protects the insured against claims of slander, defamation of character, libel, copyright infringement, or a number of other offenses that arise from advertising or marketing efforts.

When is it a good idea to purchase a General Liability insurance policy for my business?

General Liability insurance can be an important part of protecting your business, but it's not right for every business.

Here are three situations when you should consider purchasing General Liability insurance:

• If you have customers or clients who come to your office or place of business.
• If you sell products or services to customers.
• If you or your employees could be reasonably expected to cause bodily injury or property damage while working.

If any of the above apply to your business, then General Liability insurance could be a good option for your business. General Liability insurance can help financially protect your business in the event that someone is injured on your property or if you are sued for damages. General Liability Insurance can give you peace of mind and help you avoid financial ruin if something goes wrong.

How much does General Liability insurance cost, and how can I get a quote?

General Liability (GL) quotes vary depending on the square footage of the premises, gross sales, payroll, limits and deductibles purchased and coverages afforded. Getting a General Liability insurance quote is quick and easy, and it can give peace of mind knowing that your business is protected against potential liabilities.

Where can you find General Liability Coverage for Your Business?

Want to learn more? Contact an agent near you today to discuss your options and learn how Ascendant can help protect your business.