Businesses across industries often face common liability risks, for almost any business could be responsible for an accident that causes harm. General liability insurance helps protect businesses from a variety of common liability risks.
General liability insurance is among the most frequently purchased commercial liability coverages. Like other liability coverages, general liability normally covers court fees, attorney fees, other legal expenses and settlements when a covered claim is filed.
General liability coverage is broadly useful to businesses across industries. Both lenders and all of their clients likely can benefit from the coverage’s protection, for the types of incidents that are covered tend to be basic accidents that could happen to almost any business.
In addition to covering basic accidents, general liability also usually covers slander, libel and false advertising claims. While these may be less common risks, they’re also risks that almost every business is exposed to.
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In order to protect against multiple common liability risks, general liability coverage is often a combination of several sub-coverages. Some of these narrower protections are:
Bodily injury coverage might only cover accidents occurring on a business’s property, or accidents occurring elsewhere as well. An experienced insurance broker who knows general liability well can help review a policy’s bodily injury coverage to check what sorts of accidents the policy would cover.
The exact sub-coverages that general liability provides depend on the specifics of a policy.
While general liability covers a range of common accidents, accidents resulting in business-owner or employee injury normally aren’t covered. The protections that bodily injury coverage affords are typically limited to only third parties, such as customers, clients or vendors. In most cases, employees aren’t third parties when they’re working.
Workers compensation is the primary insurance for protecting against most workplace accidents. An insurance broker who knows general liability will also be able to assist with workers comp.
The accidents that general liability coverage protects against are mainly physical accidents, such as slipping or tripping (depending on terms). The coverage almost never provides coverage for digital accidents, such as data breaches.
In order to guard against data breaches, businesses usually need cyber liability insurance. Purchasing this in addition to general liability is often especially important for lenders, as lenders store and transmit large amounts of sensitive data.
Premiums for general liability coverage vary greatly, because the coverage is used by many different businesses. A small home office doesn’t present the same level of risk as a top-floor office suite, and an office suite doesn’t present the same level of risk as a factory floor. Location, square footage, industry, past claims history and many other factors impact price.
A knowledgeable insurance broker can help businesses compare general liability options to see which policy offers the best price for the needed protections. An broker can also assist with making sure the policy provides all needed protections, and that it complements other policies’ coverages.
For help finding general liability insurance, contact the insurance brokers at QuieTrack Insurance Services. We assist with many different insurance coverages that lenders and their clients need, and we’ll make sure you find solid general liability coverage for your business.