General Liability Insurance
Business owners face all kinds of challenges in their daily operations. Despite even the most careful planning, accidents can happen at your business location or on a client’s property that translate into costly mistakes. That’s where a Commercial General Liability policy is helpful.
It is perhaps the most basic type of coverage for businesses and contractors. This type of policy, also referred to as Business Liability Insurance, will help protect your company if you or your employees are found liable for damages to a third party resulting from business operations: whether they are a customer, vendor or even a competitor.
Although Business Liability Insurance typically isn’t required by law, it provides a layer of financial protection you shouldn’t go without.
The General Liability Insurance specialists at Webb Insurance in St. Charles are committed to helping businesses secure coverage that meets their needs and protects all aspects of their business, from their property and technology to their employees. As an independent broker, we are able to provide coverage in all 50 states and can write for multiple companies to ensure the best rates.
What is General Liability Insurance?
A typical General Liability Insurance policy will help cover medical expenses and legal fees for incidents involving a third party who is not an employee of your business. This could include claims of:
- Bodily injury
- Damage to a third party or rental property
- Advertising injuries
Bodily injury to a third party can happen on any business premises. “Slip and fall” accidents may result in a lawsuit when a guest on your property suffers from an injury, such as falling in an icy parking lot. To protect your business from the financial consequences of an employee’s injury, you need Workers’ Compensation Insurance.
Damage to a third party or rental property is an important coverage for businesses and contractors who perform services on their client’s property. A covered incident could include a tree trimmer who accidentally drops a large branch on their customer’s fence. This policy also includes coverage for damages to a property rented to your business, such as a temporary storage facility. To protect owned business property, purchase Commercial Property Insurance.
Advertising injuries could include libel, slander, copyright infringement, reputational harm and other similar offenses to a third party. This type of claim could arise if a competitor accuses you of stealing their ideas for an advertisement or seasonal promotion.
Business Liability Insurance FAQs
Do I need General Liability Insurance?
This coverage is a necessity for business owners and contractors. Accidents can happen even if you’ve taken every possible precaution – and one costly “slip and fall” could result in a lawsuit that shuts down your business.
Although Commercial General Liability Insurance typically is not required to do business in your state, many clients and potential customers expect a reputable business to carry this type of coverage. It is very common for homeowners and vendors to require “Proof of Coverage” documentation before they will allow you to perform any work on their behalf.
What is the difference between General and Professional Liability Insurance?
Typically, Business Liability Insurance refers to the physical damages of a business’s operations, whereas Professional Liability Insurance refers to financial damages resulting from a professional service. Damages that could be covered by Professional Liability Insurance may include a client who claims to have received bad advice from a financial advisor.
Not sure which coverage your business needs? Speak with an Insurance Broker.
What is not covered?
A Commercial General Liability Insurance policy typically does not cover the below scenarios:
- Professional mistakes – as we mentioned in the answer above, this risk can be addressed by a Professional Liability Insurance policy.
- Commercial vehicles– protected by a Commercial Auto Insurance policy.
- Employee injuries – protected by Workers’ Compensation Insurance.
- Owned commercial property – which is protected by Commercial Property Insurance.
How much does it cost?
You may qualify for bundle discounts when you purchase multiple policies through the same insurer. For example, Business Liability and Property Insurance can be combined into one Business Owners Insurance policy, also called a BOP.
How to Buy General Liability Insurance in St. Charles
Your business is your livelihood. Protect what you’ve built with a Commercial General Liability policy from Webb Insurance in St. Charles. We’re a family-owned company that knows what it takes for small businesses to thrive.
Interested in liability protection for your business? Get a free quote with no obligation to purchase.