Even if you have workman’s compensation insurance to cover your employees for illness and injury, you’re not protected if your clients are harmed or their property is damaged. For this protection, you’ll need General Liability Insurance.
General Liability Insurance is for business owners who need protection from third-party claims of injury or damage to another person’s property or reputation. It’s also sometimes referred to as Commercial General Liability Insurance to distinguish it as business-related coverage.
As you review this list, keep in mind that coverage extends only to accidents or unintentional oversights. If you or your employees have the intent to cause harm, coverage doesn’t apply. Coverage also excludes your own property as well as any vehicles, including boats, which would be covered under an auto or watercraft policy.
Another item not on this coverage list is protection for claims against your professional services. Those claims would fall under a Professional Liability Policy.
The short answer is that it depends. Not every company has operations that make it vulnerable to the claims listed above. There are some guidelines to help you decide. If you or your employees engage in the following activities, then General Liability Insurance will provide valuable protection:
You’re an HOA – Most Homeowners Associations have HOA coverage in the form of General Liability Insurance. It will cover the legal expenses for the association and address any damages that they’re liable for. This includes injuries that occur on the common property. This insurance is vital; otherwise, the homeowners themselves would be responsible for damages as part owners of the property.
Contractual obligations – Some contracts may require that you carry General Liability Insurance before proceeding.
Accidents happen, and there’s never a good time to have one. Plus, they’re impossible to plan for. Here are some common claim examples and an illustration of how coverage works in these instances:
As an independent agency, we have access to multiple carriers. We do all the research and comparison shopping for you, helping you lock in the most competitive prices while getting a plan that best fits your needs. We take a data-driven approach to find the perfect policy so that you have the coverage you need without paying for the things you don’t.