General Liability Insurance

General liability insurance serves as a safety net, shielding businesses from potential financial losses arising from third-party claims, lawsuits, or property damages. Without general liability, facing judgments and settlement costs could bankrupt your company. To prevent this, it’s important to understand its limits and deductibles. The amount you pay for a general liability policy depends on a number of factors, including the size and type of your company, your industry, where you are located, and the level of coverage you choose. Insureon can help you find a policy that fits your needs and budget.

In addition to covering costs associated with a claim, a good general liability policy can help your company protect its reputation. For example, if someone slips and falls on your property and sues the business for damages, the cost of legal fees to defend the business can be covered by general liability insurance. It can also help pay for repairing or replacing a damaged product, service, or piece of equipment. It may also cover the cost of public relations to repair damage caused by a false accusation or negative publicity.

Besides protecting your financial interests, having general liability coverage can help you build trust with clients and vendors. Many people feel more comfortable doing business with companies that have general liability insurance, and they may even require you to have it before they will work with your company.

How to Apply for a General Liability Insurance?

The best way to get a general liability insurance is through a business owner’s policy (BOP). Most business insurance providers offer these packages, and many of them provide quotes and purchase options online. While not required by law, general liability insurance is essential to protect your business from unforeseen circumstances that could bankrupt it. Without it, your company would be responsible for paying attorney fees, judgments, and settlements, which could add up quickly. In addition, some clients may require a general liability policy before they work with your company, and some government agencies require you to maintain it to apply for a business license or a permit.

The average cost of a general liability insurance policy is $42 per month, according to Insureon. You can save money by getting a general liability policy with higher limits, such as $1 million per incident and $2 million aggregate. You can also get a discount by purchasing a policy that’s part of a larger business package.