General Liability Insurance

What is General Liability Insurance?

General Liability Insurance is all about protecting you and your business from financial loss. If you are held responsible for causing damage or injury to someone during or after the work is complete, you will have to pay for charges to cover all damages.

General Liability Insurance cover five areas of liability:

Bodily Injury: This area covers injury to a person at your business or on the work site.
Property Damage: This covers the cost of repairs or replacement for damages to your client’s property caused by your work.
Personal Injury: This will cover damages to a person or business reputation as a result of your work.
Advertising Injury: This covers damages caused to a person or business as a result of your advertising. This includes, advertising over the internet and social media platforms.
Medical Payments: This includes payment of medical expenses to a person injured on the construction site.
Your General Liability Insurance will also pay for three types of damages:
Compensatory Damages: This includes any financial losses of the claimant, and any additional financial losses resulting from the claim.
General Damages: This will cover the claimants intangible losses such as “pain and suffering” and “mental anguish.”
Punitive Damages: This will cover any financial penalties and losses against your business for committing a wrongful act.

Other Kinds of Business Liability Insurance to Consider

Most businesses face a variety of other threats that could lead to a liability claim. Depending on your type of business, you may need to consider a number of additional business liability policies to protect your assets.

Errors and omissions (E&O) insurance: Also referred to as professional liability insurance, this policy will protect you from loss or damage arising from poor or misleading advice, or an act of negligence that leads to a client's financial loss.
Liquor liability insurance: Coverage that protects any business that sells or serves alcoholic beverages, including restaurants, nightclubs, and bars, that can be held liable for damages or injuries caused by intoxicated patrons.
Product liability insurance: If your product causes any form of injury or damage, product liability insurance will cover compensation and possible legal fees if you are sued.
Environmental impairment liability (EIL) insurance: A specialty insurance policy created for companies and contractors who engage in jobs or production that have toxic by-products. EIL insurance will cover many of the costs related to spills, leakage, or contamination, including fines and cleanup costs.
Pollution liability insurance: A business insurance policy that covers the costs associated with pollution cleanup, as well as liability claims for pollution-related injuries, illnesses, or deaths.
Event liability insurance: Standard personal or commercial liability policies will not cover the varied exposures related to special events. Event liability policies can be tailored to your specific event, from small, one-time events to large, elaborate affairs.

Protect Against the Top 3 Risks with Liability Insurance for Your Business

Liability claims are among the most expensive business insurance claims. Without appropriate liability coverage, one lawsuit or unexpected event can force you to close your doors. Business liability insurance can help you protect your business from the 3 top risks named in surveys.

In order to protect your business from cyber incidents, PR disasters, and the impact of new technologies, you need:

General business liability insurance also known as Commercial general liability insurance (CGL) is the most basic form of business liability insurance.
Cyber liability insurance is important for any business that uses electronic information. If you are sued because of a data breach or other cybercrime, your business could be responsible for paying legal fees, court-ordered judgments or settlements, and any other court-mandated costs. Your general liability policy may not appropriately cover these costs.
Employment practices liability insurance (EPLI) is another form of liability insurance for your business that is becoming more important as technology changes. EPLI provides protection from claims and lawsuits brought against a business, its officers or directors, or its employees and managers for discrimination, wrongful termination, sexual harassment, and other employment-related allegations.

“The above description provides an overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. Other terms, conditions and exclusions may apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.”

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