General liability insurance (GLI) provides coverage for business-related bodily injury and property damage claims. It can be purchased on its own or as part of a Business Owner's Policy. GLI safeguards businesses against costly claims such as bodily injury, property damage, reputational harm, and advertising damage.
General liability insurance does not cover work-related injuries, damages to company property, or mistakes
in services. Additional liability insurance policies like commercial umbrella
insurance, employment practices liability insurance, management liability
insurance, and commercial auto insurance are recommended to complement GLI.
Businesses
dealing with the public, operating in various locations, or using temporary
laborers can benefit from general liability insurance. While it is not legally
mandated like workers' compensation insurance, certain contracts or agreements
may require it. The coverage amount needed for GLI depends on the business's
exposure and risks.
Individuals,
even those without a business license, can also obtain general liability
insurance. The process of obtaining insurance involves gathering necessary data
and documents, evaluating risks specific to the business, finding a reliable
insurance provider, comparing costs and coverages, and selecting a policy that
suits the business's needs.
Investing
in general liability insurance is essential for most small businesses to
protect against potential lawsuits that could jeopardize their operations and
financial stability. For guidance on general liability insurance policies and
their importance for your business, seeking assistance from insurance experts
is recommended.
If you have any further questions or need assistance with
understanding general liability insurance, feel free to ask.
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