General Liability Insurance

Businesses must account for risks and exposures that could have catastrophic consequences. Some of the most damaging situations that could arise in your workplace involve being at fault for another party’s losses. Any time a guest, customer, partner, vendor or other third party visits your business’s premises or you conduct operations elsewhere, you must have loss control measures in place to protect yourself financially. With that in mind, businesses should consider a general liability insurance policy. 

What Does General Liability Insurance Cover? 

As its name suggests, general liability insurance provides a wide array of financial protection for damages arising from common incidents that may impact businesses. By acquiring adequate coverage, policyholders can rely on crucial financial assistance in the aftermath of third-party losses for which they are responsible. In most cases, general liability insurance can provide coverage for the following incidents: 

• Bodily injury—If your business bears responsibility for another party being injured, your insurance may protect you financially by paying for their medical expenses.
• Property damage—If another party’s property is damaged or destroyed and you are at fault, this coverage can help pay for repair or replacement costs. This may include property you rent, such as your building.
• Personal and advertising injury—If your business is liable for personal or advertising injuries, such as libel, slander, copyright infringement or false advertising, general liability insurance can help cover your losses.
• Lawsuits—If a third party sues your business in response to an incident for which you were allegedly responsible, your insurance may help pay for your legal defense, judgments and settlements. 

It should be noted that general liability insurance may not cover all liability-related risks and exposures included in your business’s operations. Your company should take time to consider its unique circumstances and acquire additional coverages, which may include the following: 

• Professional liability insurance
• Commercial auto insurance
• Cyber liability insurance
• Directors and officers insurance
• Employment practices liability insurance
• Commercial umbrella insurance 

Who Needs General Liability Insurance? 

Although general liability insurance is usually not required by law, this type of coverage is an integral part of a complete insurance portfolio for most businesses. A good policy may be critical if your company’s regular operations include the following: 

• Meeting with clients in person
• Having access to customers’ property
• Welcoming guests or the general public to your premises
• Advertising or marketing your company, including through social media
• Conducting business operations in off-site locations Bidding on contracts 

How Much Does General Liability Insurance Cost? 

General liability insurance costs can vary significantly depending on your business’s operations and circumstances. When providing you with a quote, insurance companies can generally be expected to consider the following criteria: 

• Location
• Industry/operations
• Estimated annual revenue
• Number of employees
• Claims history
• Policy details (e.g., types of coverage, deductibles, policy limits) 

Get the Right Coverage 

With over three decades of experience in the insurance and risk management industries, the experts at All Things Comp are well-equipped to help businesses in the Jackson area understand their general liability insurance needs and build suitable policies. Contact us today to get started.