General Liability Insurance Information
General Liability Insurance
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What is Comprehensive General Liability Insurance?
More commonly known as Commercial General Liability Insurance. The purpose serves the same for small business or large enterprises, as the first line of defense from a wide range of risks. Your General Liability policy is a warm safety blanket for your business, but depending on your agent, you could be covered for the wrong risks.
What Can a Great Insurance Agent Do for Me?
When it comes to having a comprehensive policy for blanket coverages such as general liability, the best agents will let you know exactly what scenarios you are covered in. Your agent’s number one responsibility is to reduce the impact of liability claims or prevent them altogether. They may even suggest other coverages if your assessed risk is higher in areas where policies like workers compensation or extra equipment coverages may help you in the long run.
If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage. As for real estate, most business owners tend to look for a good business owners policy if they have specific property insurance concerns.
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How Small Business Owners Can Help Create a Great Insurance Policy
As a small business owner or large enterprise, nobody knows your business better. Navigating the insurance company markets is too time consuming for most business owners. Your relationship with your insurance broker should build trust in order to get your risks covered with the best companies for the best deal on insurance.
What Kinds of Risks are Covered
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade1. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability coverage pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. The Hartford's liability programs extend far beyond the provisions of typical policies, with broadened coverage and increased limits in over 30 areas.
Broad Range of General Liability Protection:
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Commercial Auto Insurance
As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. Most General Liability policies don’t often extend a healthy blanket for business auto because of the cost of those claims. Work with your personal auto insurance carrier to be covered on business trips.
In fact, many business people use the same vehicle for both business and personal use. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
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When Do You Need a Business Auto Policy?
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees if you have them, are likely to be driving their own cars for your business.
While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options. Business liability insurance is all about understanding your own business’ risks.
1 - Source: Fulbright & Jaworski LLP 2012 Litigation Trends Survey
Do You Need to Rethink Your Other Insurance Policies?
Workers Compensation Insurance (Workers Comp/Workmans Comp)
For a large number of states, if you employ at least one employee, even an unpaid intern, you are required to have Workers Compensation Insurance. These policies cover your employee’s expenses and sometimes loss of income from an expensive employee liability claim.
Check out this article here about bringing down workers compensation costs: Why You Should Do a Work Comp Analysis
Business Owners Policy (BOP Insurance)
For businesses who rely on physical properties to drive revenue, there are policies that bring multiple coverages into a more comprehensive liability policy package. These policies provide extra coverages and savings to property, equipment, and even business interruption insurance. Deciding on a BOP policy is best worked out from a call with your agent, your business could be covered from another policy. Business property is an exponential risk if a fire or hazard could keep you from earning business income or revenue.
Insurance policies you might need, but probably overlooked: Policies Your Company Needs in its Insurance Arsenal
Alliance Insurance Group team members are business insurance specialists. Fill out the form below today to learn more about how we can make sure you have the proper protection your business needs.