GENERAL LIABILITY INSURANCE
General Liability Insurance is a type of insurance coverage designed to protect businesses and individuals from financial losses resulting from bodily injury, property damage, and other liabilities.
It provides coverage for legal costs and damages that may arise if a person or their property is injured or damaged due to the business operations or products.
General Liability Insurance
Bodily Injury Coverage
Protects against claims of physical harm to individuals, including customers, clients, or third parties, caused by the business's operations or premises.
Property Damage Coverage
Covers damages to the property of others caused by the business's activities or products.
Personal and Advertising Injury
Provides coverage for non-physical injuries, such as libel, slander, or infringement of copyright
Products and Completed Operations
Extends coverage to damages or injuries that occur after a product has
been sold or a service has been completed.
Covers medical expenses for injuries sustained by a third party on the insured premises, regardless of fault
Legal Defense Costs
Covers the cost of legal defense, including attorney fees and court costs, in the event of a covered claim or lawsuit.
Limits and Deductibles
Policies often have coverage limits, which represent the maximum amount the
insurance company will pay for a covered claim. Deductibles are the out-of-pocket amount the insured must pay before the insurance coverage kicks in.
Certain events or situations may be excluded from coverage. It's essential for policyholders to understand these exclusions to know the extent of their coverage.
Business Size and Risk Assessment
General Liability Insurance aims to indemnify the insured, meaning it compensates the insured party for covered losses, up to the policy limits.
The cost of General Liability Insurance can vary based on the type of business, its size, the industry it operates in, and the perceived risk associated with its operations.
Having General Liability Insurance is crucial for businesses, as it helps protect against unforeseen events and liabilities that could result in significant financial losses. It provides a safety net for businesses to continue operations without facing severe financial consequences due to legal claims or damages. Businesses should carefully review policy terms, conditions, and exclusions to ensure they have the appropriate coverage for their specific needs.
Annagard Insurance Agency is always here for all your insurance needs. Please feel free to call us at any time, we will be delighted to speak with you.