General liability insurance is crucial for protecting businesses from common risks, especially when interacting with the public, clients, or customers. Specifically, it covers bodily injury and property damage caused by you or your employees. Additionally, it helps shield your business from costly lawsuits that could arise from these incidents. For this reason, it’s one of the most important policies that every small business owner should prioritize.
What does general liability insurance cover?
Physical injury to others
Damage to others’ property
Advertising injury
Most general liability policies include the following:
Bodily Injury: This coverage helps with expenses from claims for injuries caused by your business’s negligence. It covers medical costs and more.
Property Damage: Protection against claims for repairing or replacing property damaged by your business’s negligence.
Advertising Injury: This coverage deals with claims for damage to someone’s reputation caused by your business’ advertising or marketing materials.
What is not covered by general liability insurance?
- Damage to your own property
- Damage to your own work
- Injury to your employees
- Professional services and advice
Who needs general liability insurance?
General liability insurance is at the top of the list of essential coverages for any small business. Therefore, consider this protection if your small business has employees and interacts with customers or clients on-site.
It is also crucial if your business sells products or services to others. This includes e-commerce businesses, online wholesale businesses, and those small businesses using platforms like Amazon, Walmart, Target, or Rangeme.
How much does general liability insurance cost?
The cost of a general liability policy can vary based on several factors. For example, the size of your business, the type of work you do, and the industry you’re in all play a role in determining the price. Larger businesses or those with higher risks may pay more than smaller, low-risk businesses. Generally, Gild Insurance customers spend about $250 per year for a general liability policy. This makes it an affordable option for small business owners who need essential protection without breaking the bank.
Why does your business need general liability insurance?
General liability insurance helps cover damages and protects your business’s property, equipment, and cash flow. This coverage is especially useful for shielding you from unexpected expenses due to accidents or damage related to your business. Having this protection in place can prevent financial strain that could lead to bankruptcy. Additionally, lawsuits can be costly and potentially cripple your business if you’re not adequately covered. With general liability insurance, you have a safety net to help manage these risks and keep your business on track.
It also safeguards your small business operations and protects your business license. In some states, having general liability insurance is required to obtain or maintain a business license, making it an essential part of your business strategy.
This coverage protects your business’ reputation and image. For that reason, it is essential to safeguard both!
Get a general liability quote!
Your Gild Insurance Agent is here for you. We will make sure you get the right business insurance for your business. For a free, online quote, try out Gildber! Gildber will compare general liability providers. Offering you a fast, hassle-free option for an online business insurance quote!
For all the details, check out our General Liability Insurance FAQs and blog, The Gildfitter.
