Find Out More About General Liability Insurance
by Admin
Posted on 30-07-2022 07:41 PM
A general liability
insurance
policy is type of insurance policy that protects insured commercial entities from a variety of liability risks, except for automobile and professional liability.
It pays for various expenses, such as:
medical costs incurred if someone sustains an injury on company property
property damages or injuries that the owners or employees of the company cause
legal expenses, including the cost of the company’s legal defense, settlements, and awards if someone sues the company
damages, such as non-monetary losses suffered by the injured party, compensatory damage, and punitive damages
tenant-related liabilities, such as property damage if the company use rented property
expenses arising from claims pertaining to misleading or false advertisement, including slander, libel, and copyright infringement.
General liability insurance, also known as commercial general liability (cgl) insurance, protects your business financially from lawsuits and damages that arise in the course of doing business. If your business unintentionally causes bodily injury, property damage, personal injury, or advertising injury to a third party, cgl will pay for the legal fees, settlements, judgements, and even medical payments. General liability insurance is one of the most common types of commercial insurance that businesses purchase, as accidents can happen to anyone at any time. If you or an employee accidentally harms another person or property, cgl can help protect your business financially if you are sued.
It might not seem like it, but general liability insurance and yoga go together like peanut butter and jelly. Practicing yoga professionally with a solid general liability insurance plan at your back means you really can accomplish your day-to-day with confidence. Because general liability isn’t usually a focus in many yoga teacher training programs, we’ll dig deep into what it is and why this protection is vital for anyone looking to make a career as a yoga instructor.
General liability insurance, also known as business liability insurance, is a type of small business insurance that covers a company against a variety of claims. Most of the time, general liability insurance coverage is provided against personal injury, bodily injury, and property damage. Aside from this, general liability insurance protects the business from costs involving medical expenses, advertising injury, and damage to rented premises. Instead of having to shell out these damages from their own pockets, a business owner will have a safety net that will help them avoid serious financial loss. If a company usually works with business-to-business (b2b) contracts, some require proof of general liability coverage before signing a deal.
How To Get General Liability Insurance
General liability insurance coverage is to protect business from monetary damages they may become legally obligated to pay because of “bodily injury” or “property damage” to a third party which results from an accident or occurrence. We will review you exposures to get the most comprehensive coverage at the best price to protect your assets. Our agents help you understand the coverage limits and deductible options available so you make the right choices for your business.
We are independent agents. We have over a hundred carriers to choose from so you get the right price, right carrier and right coverage for your liability exposures.
General liability insurance (aka commercial general liability) protects you from financial loss if you are liable for property damage, bodily injury, or personal/advertising injury as a result of your services, providers, operations, products, or completed operations. Think of it as a standard insurance coverage for the many things that could go wrong when you run a business.
A small business has so many to-do items to check off to ensure success before even opening the “doors” for business. What are you going to do or sell? who is your customer base and target market? how will you advertise to let customers know you exist? where will you operate your business? all of these questions are essential to ask and answer to help your small business venture survives and thrives. One that is often missed though: what if something goes wrong? that’s where general liability insurance comes into play.
General liability insurance protects your personal and business assets if someone outside your company is injured or suffers property damage because of your business, its operations, or its products. The insurance pays the costs associated with the damage or injury. These policies, also called business liability insurance and commercial general liability insurance, kick in when a customer reports an incident—called filing a claim—against a business, and a company is found to be responsible for what happened. General liability insurance typically pays for medical and legal expenses, monetary losses and property damage or losses, though the exact coverage will depend upon the policy you buy.