General Liability Insurance
General Liability Insurance Information
General liability insurance is one of the most important policies you will need if you own a business. Businesses face a lot of risk and exposures and other policies are designed to cover all of those risks. If someone is at your business and he gets hurt, your general liability policy will pay for his injuries. Let's say you make a product and sell it. Someone who uses your product gets injured. Your general liability policy will take care of those injuries. Maybe you set up a booth at a convention and a visitor to your booth falls over your display and breaks a leg. Your general liability policy follows you to the convention and provides protection. In all of these cases, the cost to the injuries can be significant. Most small businesses don't have the funds to pay for those injuries. That is where you general liability policy comes in very handy.
In addition to bodily injury, general liability insurance can pay for property you damage as a result of your business. More importantly, your general liability policy can prevent a law suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
How Does General Liability Insurance Work?
General liability insurance has three main coverage areas: Bodily Injury and Property Damage; Personal and Advertising Injury; and Medical Payments.
Bodily Injury and Property Damage provides protection for bodily injury and property damage suffered by third parties due to the negligence of the insured and emanating from the insured's premise, operations, product, or completed operations that occur within the coverage territory and time frame described in the policy.
Personal and Advertising Injury covers specific acts that result in a non-physical injury to a third party due to offenses defined as personal and advertising injuries. This includes claims of false or misleading advertising such as libel, slander, and copyright infringement.
Medical Payments provides necessary medical, surgical, ambulance, hospital, professional nursing or funeral expenses for injuries to third parties. This is considered good will coverage because payments will be paid without regard to the fault or negligence of the insured. Medical expenses must be incurred within and reported within 1 year of the date of the accident to be covered.
How Much Do You Need?
This is where we come in! We work with many small business owners and discuss general liability insurance with them very frequently. We will explain how it works, how the premium is calculated, provide guidance on choosing the right limits of insurance, and much more. We work with you to decide on the best course of action.
Pepe Insurance Agency will help you find the right general liability coverage for your business. We will search through the many options available to find what fits you best. Give us a call or fill out a business insurance quote today!