Business General Liability Insurance

Business general liability insurance protects a company against losses due to a variety of legal claims from customers, clients, vendors, employees and even competitors. These claims may not even be found to be legitimate, yet without proper coverage against property damage, negligence, slander, libel, or even advertising damage a company may find itself faced with nearly insurmountable legal costs. These costs could put the business itself at risk.

What Is General Liability Insurance?

As the term implies, business general liability insurance covers a business overall. Unexpected accidents, fires, legal claims of negligence, harm caused by use of a product, and property damage can all be protected against by business general liability insurance. Business general liability insurance may also be termed commercial general liability insurance. Of course, depending on the size, scope and nature of your particular line of work, that general coverage can be made to fit your specific needs.

A profession that offers consulting work, for example, may need to discuss professional liability coverage with a brokerage. Even if a fraudulent claim were to arise against the advice provided by that profession it would be covered. The business itself would not have to worry about costly legal fees. If that firm were a small business, this type of situation could place the firm in serious jeopardy.

Specific Types of Liability Coverage

Since businesses are as unique as their owners, business general liability insurance needs to be as unique and as complete as possible. Before you choose business liability insurance rates, consider the location where work is conducted. It may not only need to be covered against fires, property damage, and the like, but even earthquakes or floods. Also, as a company grows, so does its need for specific insurance coverage tailored exclusively for it rather than broader, more generalized coverage.

Medical expense coverage would also be a sound choice for protection against workplace injuries incurred not just by employees, but by the general public. Stores, banks, and other places frequented by the public face very real concerns over "slip and fall" claims. This is especially true during different times of the year in various geographic locations.

Think about winter snow and ice storms that an owner does not wish to have slowing down his or her restaurant any more than the inclement weather. He or she also does not wish to risk any additional harm to his patrons as they come and go. That restaurant needs to be as protected as possible for customers coming into and out of the restaurant.

If employees become part of a growing company, then employer's liability insurance is a must. Protection against a company's intellectual or advertising property is also a good form of insurance coverage for the business that has a growing staff. Other types of insurance coverage can come in the form of protection against slander or libel. Competing companies may have a hard time with your company's success. In that case, coverage against a false claim of something your company is not responsible for having said or put into print is sensible.

If a company branches out into manufacturing new products, those products can be covered against the potential for claims against the safety of those products. Consider the restaurant owner in the previous example deciding to market the restaurant's tomato sauce to the general public. It would be a good idea to have that product covered within his or her general policy. With this kind of extra coverage even the completed plans for the product development are covered.

A company that leases space out to other professional tenants may also need to consider getting coverage for that tenancy. Not all specific forms of coverage, such as automobile or errors and omissions, are included in business general liability insurance. These exclusions and any others would need to be understood, of course, before committing to the coverage you are exploring.

Getting the Most Complete Coverage

Business general liability insurance at first glance sounds like it covers everything overall that a business could need. In order to get the most complete coverage the assistance of a good broker is necessary. Researching local broker's rates and quotes sounds like the next logical step, but making a point to consult with select brokers about your specific needs is important, too. Discuss with your broker the specific liability coverage you want your company to add to its business general liability insurance.

Your broker can also offer suggestions for coverage you did not realize you needed in order to protect your company. Some brokerages make it even easier by providing a questionnaire you can fill out to assist in making certain every aspect of coverage is considered. Business general liability insurance can cover almost anything unexpected that faces a company, especially when tailored to its specific needs.

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