Business Insurance; General liability insurance

General liability insurance is business insurance designed to protect your company from third party property damage, advertising injuries, and lawsuits.

How will commercial general liability insurance protect your company?

General liability insurance provides financial protection in the event your business is sued for an injury that occurred at your company. If you happen to damage a visitors property or caused an advertising injury, like slander, copyright violation or libel.

General liability insurance or commercial liability insurance will help to pay for reasonable costs for legal defense. This can include attorney, court, and expert witness fees. It can also cover losses your company may incur while participating in your defense. 

Commercial general liability insurance can also cover judgements and settlements related to the case. It can also include medical expenses. 

General liability insurance does not cover:

• Losses or injuries you cause through your own negligence
• Your personal or commercial property
• Your personal vehicles or boats
• Breach of your confidential personal information
• Professional services provided to a client
• Injuries or disabilities among your own employees 
• Damage or injuries you intentionally cause

General liability insurance eligibility requirements

If your business does the following you should have trouble qualifying for coverage;

• Doesn’t do unusually risky work
• Doesn’t have a history of frequent claims

Who needs commercial general liability insurance?

Most small businesses could benefit from general liability insurance. Bodily injury and property damage claims can be financially devastating. Protecting your company from these events can save your company financially.

Below are examples of a few businesses that can benefit greatly from commercial general liability insurance;

Building design
Construction and contracting
Consulting
Food and beverage
Healthcare professionals
Home-based businesses

Information technology
Insurance professionals
Nonprofits
Personal care
Photo and video
Real estate

The types of businesses that may need general liability insurance more than others may include;

• Bring customers or visitors into their workspace
• Work with customers on dangerous equipment
• Conduct business activities at a third-party location
• Rent from a commercial landlord who requires coverage
•   Make deals with customers who require a certificate of general liability insurance before signing a contract

General liability class codes

Typically general liability class codes are used by business insurance companies to classify companies according to their risks. They are used to help determine the correct price to change for general liability insurance. 

What are general liability class codes?

A general liability class code is a number that represents companies that do similar work and share common risks. Research helps business insurance companies to predict losses a company may run into with each code. The code is used so that they can set an accurate commercial general liability rate for these businesses. 

If you would like to get a custom general liability insurance quote, please give us a call today at 916 313 6100.