General liability insurance (GL) provides coverage for business owners when claims arise in doing business. Many types of companies can experience claims involving property damage, bodily injury, personal injury, and other claims. The protection available through GL insurance can provide real peace of mind to contractors and small business owners.
What does general liability insurance cover?
Any company needs to avoid a catastrophic expense that a claim or lawsuit can bring. Contractors’ and small business owners’ livelihoods depend on uninterrupted operations and rare unexpected issues. General liability insurance protects you from expensive customer lawsuits if an accident occurs. In addition, you may do business with individuals or other companies who require that you carry some level of general liability coverage to do business with them.
These are some of the benefits general liability insurance offers you and your company:
- Covers bodily injury or property damage claims against your products, services, or operations.
- Safeguards you and your company from claims against products your company makes, sells, or distributes.
- Protects you against claims of faulty services or work after providing those services or work.
- Covers claims of damage to non-owned buildings, structures, or property you rent for business purposes.
General liability insurance does not cover:
- Employee injuries. In most cases workers compensation insurance covers employee injury while performing their job duties.
- Owned commercial property. A business owners policy, or BOP, protects business equipment and goods.
- Professional mistakes in providing a service or advice. Professional liability insurance would cover claims such as this.
- Commercial vehicles. A commercial auto insurance policy covers business vehicles.
Contractors can purchase a stand-alone general liability policy or combine general liability with the additional coverage of a Business Owners Policy (BOP). Suppose you need coverage for personal property used in your business operations, a commercial garage or storage building, or payroll insurance. In that case, a Business Owner’s Policy includes it all.
Can I afford business insurance?
Insurance companies consider many factors when determining general liability insurance costs. Some of these include the type of business you own, the location where you operate, how many employees you have (if any), and your company’s risk exposure. The definition of risk exposure is your likelihood of being sued. In general, a company that provides several types of services has a higher level of risk exposure than one that provides just one type of service.
Get answers to your questions about general liability insurance and business owner policies by talking with one of our agents. Give UltraCar Insurance a call or click the Get A Quote button today! We’ll be glad to discuss all policy and pricing options with you.
