What is General Liability Insurance and Why Do I need It?

 

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 You’ve put your blood, sweat and tears into building your business, yet you could lose it all in the smallest of mishaps that could result in a large lawsuit. We live in a litigious society, and although it may be unlikely for you to face a claim, getting general liability insurance is a wise investment that doesn’t cost much.   Most annual premiums range from between $550 to $2,000, depending of your type of business, coverage limit requirements, years of experience in your business and your company size.  The premiums obviously can be higher if you own a large business.

 

Liability insurance (also known as Commercial General Business Liability) protects you from a variety of claims, including bodily injury, property damage, products and completed operations, and personal injury (libel, slander or advertising injury) that can arise from your day to day business operations.   Liability insurance will typically cover the cost of your legal defense and any settlement should you be successfully sued, up to the limits of your policy.

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It’s important to understand that general liability is not the same thing as a product warranty policy.   For example, if a plumber installs a water pipe that leaks and causes property damage, the GL policy should cover the property damage during the time when converge was in force, but it would not pay for the defective pipe or bad workmanship.

Additional risks not covered under a comprehensive general liability policy include:

Workers compensation

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Directors and officers liability

Errors and omissions or professional liability

Non-performance of contracts

Employment practices

Damages or injuries resulting from intentional acts

General liability insurance can be purchased on it’s own, or in some cases, it is included as part of a Business Owners Policy (BOP) which combines the liability with property insurance at a cost effective rate.

All of us at L&M Insurance Group take your protection seriously and will work hard to help you evaluate all aspects of your business to ensure you have the general liability policy that’s right for your business. We have been serving the insurance needs of East Hillsborough County for more than 10 years and have access to dozens of A-rated insurance companies, allowing us to provide the best coverage at the lowest rate. Call us today at 813-672-4100 or click this link to send us an email.

Larry Johnson
Larry Johnson brings over 23 years of experience writing insurance. He was the owner of Larry Johnson Insurance in Brandon for 13 years, and after selling his agency and taking some time off, he has joined L&M Insurance Group. Larry is excited to be back working with clients meeting their personal lines insurance needs. Call 813-672-4100 to get started

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