General Liability Insurance
General Liability Insurance Information
Some of the most consequential incidents that may arise while operating your business involve bearing responsibility for another party’s losses or damages. Regardless of how diligent and responsible your company may be in addressing and reducing risks, accidents and errors may be inevitable. In the aftermath of an incident, the costs arising from an incident for which you were liable could have devastating ramifications for your business’s finances and future—fortunately, general liability insurance can provide crucial assistance.
What Does General Liability Insurance Cover?
General liability insurance is an integral component of an adequate insurance portfolio. This coverage casts a wide safety net over many common incidents for which you may bear responsibility. In most cases, an adequate general liability policy can be relied upon to provide financial assistance in response to the following incidents:
- Bodily injury—If a third party, such as a client or vendor, is injured on your premises, your insurance can help cover their medical expenses and compensate for lost income if the incident forces them to miss work.
- Property damage—If you are responsible for another party’s property having been damaged, this coverage can help pay for repairs or replacements.
- Personal and advertising injury—This coverage can insulate your business from losses and damages arising from personal and advertising injuries for which you are responsible, such as slander, libel, copyright infringement and false advertising.
It should be noted that general liability insurance must not be confused with professional liability insurance, which provides coverage if your business faces allegations of having provided products or services that were insufficient, incomplete or late.
Who Needs General Liability Insurance?
Certain business operations may result in a greater risk of liability issues. Although general liability insurance may be advisable for all organizations, particular priority should be given if your business’s regular operations include the following tasks:
- Assuming the representation of a client
- Welcoming third parties to your business’s premises
- Meeting with clients face to face
- Conducting business operations off-site
- Using or assuming responsibility for other parties’ property
- Advertising, marketing or using social media
Like many types of insurance, adequate general liability insurance costs can vary significantly. Before being able to provide you with an accurate quote, providers must consider the specific circumstances of your business. In most cases, the following criteria will be considered:
How Much Does General Liability Insurance Cost?
- Type of business
- Workforce size
- Prior claims history
- Policy details (e.g., coverage limits, deductibles, etc.)
If your business is responsible for an incident that results in losses and damages for another party, the financial ramifications can be dire. Without adequate general liability coverage, your company will have to pay out-of-pocket costs that may derail your operations and even endanger your future.
Get the Right Coverage
We’re here to help. At Illinois Auto Quote, our insurance experts have the knowledge and experience to analyze your business’s insurance needs and build optimal coverage. Contact us today to get started.