Before you ever open your business for clients and customers, you will need general liability insurance to protect your assets. However, not all general liability insurance policies are created equal. General liability insurance covers three main areas:
- Bodily Injury: Bodily injury liability covers injuries a client or customer may face on your business’ property.
- Property Damage: This covers damage to your property caused by the business’ everyday operations.
- Personal and Advertising Injury: Personal and advertising injury covers claims such as libel, slander, malicious persecution and more.
It is important to ask the right questions both of your business and your insurance provider to get the right coverage for your business.
How Much Liability Coverage Does Your Business Need?
Every business’ needs vary depending on your industry and other factors. Having a physical location raises the risk of someone being injured on your property, such as a customer slipping in your restaurant.
Is General Liability Insurance Required for Your Business?
In some cases, you may be required to carry certain liability policies including general liability in order to obtain certain licenses. It is important to look into your industry to make sure that you have the right amount of coverage.
How Much Should It Cost?
The cost of general liability insurance varies depending on your location, coverage limits, claims history, industry and other factors. It is important to shop around and compare quotes when shopping for general liability insurance. If you already have a general liability insurance policy, it is important to check your policy at least once a year to make sure you are still paying the right price for your coverage.
Can I Bundle General Liability Insurance with Other Coverage?
If you have business insurance you can typically bundle it with other coverages. General liability insurance is often paired with commercial property insurance into a business owners policy (BOP). A business owners policy is designed to save money for small businesses in low risk industries.
Ask your insurance agent about saving money and finding the right policy. It is crucial that you find an insurance agent you can trust so you can get the general liability insurance perfect for your business.