General Liability Insurance: Key Points To Know
General liability insurance is a fundamental policy for businesses, providing protection against financial losses due to third-party claims. Concise Solutions Insurance Services provides general liability insurance in Santa Clara, San Leandro, Hayward, CA, Berkeley, San Francisco, Alameda and surrounding areas.
These are the main aspects to understand:
- Coverage Scope
General liability insurance covers claims related to:
Bodily Injury: Covers medical expenses and legal fees if someone is injured on your premises.
Property Damage: Protects against claims for damages caused to someone else’s property.
Personal and Advertising Injury: Includes claims for defamation, slander, or copyright infringement.
- Who Needs It?
This insurance is essential for:
Small businesses operating in physical locations.
Contractors working on client properties.
Companies interacting with the public, vendors, or customers.
- Exclusions
While comprehensive, general liability insurance does not cover:
Employee injuries (covered by workers’ compensation insurance).
Professional errors (requires professional liability insurance).
Intentional misconduct or illegal acts.
- Policy Limits
Policies typically have two limits:
Per Occurrence Limit: The maximum payout for a single claim.
Aggregate Limit: The total payout cap for all claims during the policy period.
- Cost Factors
Premiums depend on:
Business size and industry.
Claims history.
Coverage limits chosen.
- Importance
General liability insurance safeguards your business from potentially crippling legal and medical costs, ensuring operational continuity and peace of mind.
When purchasing a policy, review coverage details and exclusions carefully to align with your business needs. Consider bundling it with other policies, like a Business Owner’s Policy (BOP), for broader protection. Want to discuss this further? We’re available by phone or email.
