GENERAL LIABILITY INSURANCE

If you own a business, General Liability (GL) insurance is a must have. General Liability protects you, your business, and your employees from claims involving bodily injury, property damage, personal injury, and advertising injury to others. A benefit of the policy is defense coverage if you are forced to go to court. Court costs nowadays are extremely expensive, and most GL policies provide defense so that it does not reduce your liability limits.

Coverages Provided
Each Occurrence Limit
This coverage is the most the insurance company will pay for the bodily injury, property damage, and medical expenses that take place in one occurrence. The most common limit for this coverage is $1 million.

Personal & Advertising Injury Limit
This coverage is the most the insurance company will pay for personal or advertising injury you, your business, or employees cause to another party. This coverage also affords projection against claims for libel, slander, personal injury, false arrest, and more. The most common liability limit for is $1 million

General Aggregate Limit
This coverage is the most that the insurer will pay during the policy period for all damages, including bodily injury, property damage, personal injury, and advertising injury. The most common limit for this coverage is $2 million.

Products-Completed Operations Aggregate Limit
This coverage protects and insured against products they have sold, distributed, produced, or handled. It also covers an insured’s finished work or completed operations. The coverage applies only when those products or completed are away from the insured’s premises and once they have been completed or abandoned. The most common limit for this coverage is $2 million.

Damage to Premises Rented to You
This coverage protects your business against damage by fire to a premises rented to you. The coverage also covers your business for other types of property damage only if you renting the space for less than 7 days. The most common limit for this coverage is $100,000

Medical Payment
This coverage will pay out reasonable medical expenses to another party for bodily injury caused by an accident regardless of fault. Among other uses, it is typically used to pay for small medical bills, x-rays, & ambulance charges. The most common limits are $5,000 and $10,000.

Typical Claims

  • Slips & falls
  • False arrest or imprisonment
  • Your food causes food poisoning or an allergic reaction
  • Your product explodes and causes damage to another’s building

Questions to Ask Your Agent

  • Is it possible to get higher or lower limits?
  • My landlord is requiring me to be added as an additional insured. How can I add them to the policy?
  • Many of the contractors I work for require me to add them as an additional insured. What is the cost for blanket additional insured?
  • What endorsements are available?
  • Does General Liability cover cyber liability or professional liability?

Typical Exclusions

  • Expected or intended injury
  • Liquor liability
  • Workers’ Compensation
  • Employers’ Liability
  • Pollution Liability
  • Aircraft, Autos, & Watercraft Liability
  • Mobile Equipment Liability
  • Product Recall
  • Employment-Related Practices
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