General Liability Insurance

Liability Insurance

General Liability Insurance

The only way to effectively protect the assets of your business is to carry adequate Commercial General Liability insurance. This coverage protects your business should it be found responsible for bodily injury (hurting someone) or property damage (hurting something).  This is a foundational coverage and is typically the first liability insurance clients purchase.

What Does General Liability Insurance Cover?

A typical general liability insurance policy provides coverage for claims of:

  1. bodily injury or other physical injury,
  2. personal injury (libel or slander),
  3. advertising injury, and
  4. property damage as a result of your products, premises, or operations.

General liability insurance can also be offered as part of a package policy with other coverages such as property, crime, automobile, and more. As a safeguard against liability, coverage enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. These policies also provide coverage for the cost to defend and settle claims. Here is more detail into what a typical commercial general liability policy covers:

  • Premises and operations liability: Provides coverage for bodily injury and property damage sustained by others on your premises or in conjunction with your business operations.  If any of your employees work off-premises, this insurance can provide coverage for their work as well.
  • Products liability: Provides coverage for bodily injury and property damage sustained by others as a result of your products.  For example, a food processor finds protection here for foodborne illness caused by their product.  A manufacturer is protected from suits related to bodily injury resulting from their product.  A salesman is protected when their display topples at a trade show and topples through an artisan’s display.
  • Personal and advertising injury: Protects against offenses made by you or your staff during the course of business, such as libel, slander, disparagement, or copyright infringement in advertisements.
  • Defense costs: Provides coverage for legal expenses for liability claims brought against your business, regardless of who is at fault.
  • Medical expenses: Provides coverage for medical expenses if someone is injured on your premises or by your products.  This is no-fault coverage and usually provided at a low sublimit, meaning the coverage is available no matter who is at fault.

How Much Coverage Does Your Business Need?

The amount of coverage that your business needs depends on three factors:

  1. Perceived risk:  Consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery you would generally need more coverage as compared to another organization that manufactures stuffed animals.
  2. Premises and operations liability:  If you operate in a state that has a reputation for rewarding high damages, then you may wish to purchase higher limits of liability.
  3. Type of product manufactured:  If you manufacture a dangerous product, you may want to carry higher limits of liability.
  4. Type of service rendered:  If you provide services that have higher potential to damage someone or something, adjust your coverage accordingly.  An old example is of two otherwise identical lawn care operations with different clients.  The first cuts vacant lots.  The second mows the lawn around a high-end automotive dealership frequented by high net worth clients.  The second would obviously want to carry higher limits than the first.

An Umbrella Liability policy can be purchased to help achieve the desired limit of liability.

Other Ways to Protect Your Business

  • Establish a high standard for product quality control at your organization.
  • Keep all company records up to date and accurate.
  • Train your employees thoroughly and properly.
  • Contact Us for a thorough risk analysis, safety, and compliance information.

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Why Bankers Insurance?

Anyone can be an order-taker.  Bankers Insurance is different.

We offer choices and expertise.  We don’t expect clients to be general liability insurance experts.  Take advantage of our experience.  We can explain your options and help you determine the right coverages.

As your insurance agent, we strive to know you.   Only then can suggest the coverage that suits your specific business.  We look for coverage gaps to help ensure complete protection.  With us, you get the benefit of: