Accidents happen. Misunderstandings happen. Lawsuits happen. Even the most diligent business owners may, at some point, be faced with an accusation that their company is legally responsible for injuries or property damage. Whether the claim is found to have merit or not, the costly process of mounting a defense can be devastating – which is why general liability insurance is so important.
What’s Covered?
General liability insurance protects your company’s future in the event that a third-party gets injured or experiences property damage because of (or in conjunction with) your business operations. It may be purchased as an individual policy or packaged with other types of coverage in a business owners policy or commercial package policy.
As with all types of insurance, coverage can vary depending on the details of the policy, but general liability insurance often covers:
- Bodily Injury & Property Damage: Covers physical injuries to people outside of your organization or damages to a third party’s “tangible” property that could occur due to your or your employees’ actions.
- Product Damage: Covers injuries or illnesses caused by a product your company manufactured, distributed, or sold.
- Personal & Advertising Injury: Covers damages caused by your company’s written or verbal communications, such as libel, slander, or copyright infringement.
- Rented Property Damage: Covers damages to non-owned buildings, structures, or land resulting from your business operations.
What’s Not Covered?
General liability insurance covers a broad range of exposures but doesn’t cover everything. Here are some examples of what’s typically excluded:
- Employee Injuries: Covered by Workers’ Compensation Insurance.
- Company-Owned Property: Covered by Commercial Property Insurance and Equipment Replacement Coverage.
- Professional Mistakes: Covered by Professional Liability Insurance.
- Work-Related Car Accidents: Covered by Commercial Auto Insurance.
- Data Breaches & Customer Data Losses: Covered by Cyber Liability Insurance.
These are general risk exposures that aren’t covered by general liability insurance, but policies can vary. Always refer to your specific policy to understand your coverage and exclusions.
We Can Help You Understand Your General Liability Insurance Needs
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options and help determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
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