General Liability Insurance
Who needs general liability insurance?
Most companies need this insurance, especially if you rent or own an office or commercial space. Even if that doesn’t apply to you, small businesses that work directly with clients and customers benefit from general liability insurance.
This insurance policy can keep your company financially stable if you’re sued by a customer or competitor. Because general liability insurance provides such important coverage, most small business owners buy the policy right after they start their business.
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Do independent contractors need general liability insurance?
Like any small business owner, independent contractors can be sued and held liable for customer injuries, customer property damage, or advertising injuries.
While contractors who don’t have a physical location or expensive equipment probably don’t need a business owner’s policy or commercial property insurance, they will still benefit from general liability insurance.
If you don’t want to purchase a commercial general liability (CGL) policy, you can ask your clients to add you to their policies as an additional insured. This will cover you for as long as you work for the client who insures you.
Keep in mind that your clients might pay a higher insurance premium if they add you to their general liability policies, and your coverage will end once the contract expires.
What does a general liability policy cover?
The insurance policies typically cover you and your company for claims involving bodily injuries and property damage resulting from your products, services, or operations.
What is general liability insurance for small businesses?
This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.
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 the property of others or the loss of use of that property
- Products-Completed Operations provides liability protection covering 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.