General liability insurance (GL), sometimes called commercial general liability insurance, protects your company from risks you face every day-things like damage to the property of others, bodily injury to customers, product liability, libel, and copyright infringement-and claims that may be filed against your company as a result.

Without general liability insurance, your company can suffer serious financial damage from allegations, liability, and lawsuits. Plus, small business liability insurance may be required by law, by your clients, or in a lease.

What Does Commercial General Liability Insurance Cover?

In business as in life, accidents happen. Commercial general liability insurance from biBERK is important because it keeps incidents from creating financial hardship by covering costs associated with:

• Damage to the property of others or physical injuries to customers caused by your business

• Advertising "injuries" such as making negative

  statements about a competitor that hurt their business when you are

  promoting your products or services

• Medical costs for customers who injure themselves at your place of business

What Does Commercial General Liability Insurance Not Cover?

It's important to note that commercial general liability insurance

does not cover things like damage to your business property, auto

accidents in company-owned vehicles caused by you or your employees when

traveling for work, personal injuries to your employees, and fraudulent

or intentional acts.

Our insurance experts can talk with you about exclusions and other types of coverage you may want to consider.

What Does Small Business Liability Insurance Cost?

A number of factors affect your small business liability insurance cost.

One of them is the type of company you operate. Some businesses involve

more risk than others, and that risk and your GL insurance rate tend to

go somewhat hand-in-hand. However, other company attributes play a

role, like:

• Location
• Size
• Years in business
• Claims history

The specifics of your policy-things like coverage limits

(the maximum amount the insurer will pay for a covered claim) and

deductibles (the amount you pay for a covered claim before your

insurance plan starts to pay)-affect your rate as well.

Taking a few minutes to get an online quote is the best way to determine your small business liability insurance cost.

Common General Liability Insurance Claims

Still wondering if your business would benefit from

having general liability insurance? Here are some examples of common

types of claims that can be addressed by GL coverage:

• A customer becomes seriously ill after eating at your restaurant and sues you for medical costs of $5,000.

• You incorrectly perform a plumbing job and are found liable for $150,000 in damages caused by a leaking pipe.

• A customer visiting your store slips on a wet floor

  and breaks her arm. Her medical costs are $25,000, and you are found

  liable and required to pay.

• A former client claims to have overheard you saying

  negative things about them to a mutual business associate and sues you

  for slander for $150,000 to cover lost sales that they claim resulted

  from damage you caused to their reputation.

Small business liability insurance can cover costs

associated with these types of incidents, providing peace of mind to

business owners.

Who Needs General Liability Coverage?

Most small businesses can benefit from general liability coverage. We

provide GL insurance to many types of businesses, including:

• Restaurants
• Retailers
• Landscaping companies
• Contractors
• Auto repair shops
• Real estate companies
• Janitorial services
• Health care practices
• Transportation businesses

If you want to know more about how best to protect your business, our small business insurance experts are here to help.

About biBERK Business Insurance

biBERK can help you with all your small business insurance needs, including: commercial auto, general liability, property and liability, umbrella, and workers' compensation. https://www.biberk.com

Media Contact:Rakesh Gupta | 402-408-2870

Original Source of the original story >> What is General Liability Insurance? by biBERK Business Insurance

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