General Liability Insurance, also known as Business Liability Insurance, might help protect your business from claims involving common risks like bodily injury or property damage, including damages to a company’s online presence (causing problems with their website, for example) or its computer hardware or software.
General Liability Insurance also protects you in case of claims you have harmed another business’s reputation — in your company’s ads, for example. Even if you ultimately prevail in court, defending against such claims can be time consuming and expensive.
In short, General Liability Insurance helps protect you against claims your business has caused:
- Bodily injury
- Property damage
- Reputational harm (such as libel, slander or copyright infringement)
- Medical costs if someone gets hurt while at your business
How common are such claims? Four out of every 10 small businesses will experience a general liability claim over the next ten years.
The cost of General Liability Insurance depends on the type of business you’re in, the size and location of your business, how long you’ve been in business, the condition of your building and your insurance claims history. As you would expect, high-risk businesses will pay more than low-risk businesses.
All businesses need liability insurance. Your business is at higher risk of a lawsuit if any of the following apply:
- You or your employees interact with customers face-to-face.
- You or your employees have access to your customers’ property, at your location or at a job site.
- You use advertising to market your company, which could lead to copyright or trademark infringement claims or libel or slander claims or claims of some other form of harm to another company’s reputation.
- You need a certificate of insurance to meet business or legal requirements.
I strongly recommend you not overlook this important coverage for your business. But it requires some thought to make sure you have the right protection for your business. Questions? Contact me today to get started. I can help.