Normally, it is difficult for businesses or general contractors to work without general insurance. General liability insurance is intended to guard operators and owners of companies against claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
The liability you select, whether it is one, two, or three million dollars, determines the cost of general liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to general liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying general liability insurance, it is best to compare the quotes available in the market.
It is the business owner’s or general contractor’s job to make sure that the people working under him/her are covered by an insurance policy. If for example, a person who is not a part of the project gets injured, the injured person’s lawyer can target just about anyone involved in the project. The more individuals that are involved, the greater the chances of a successful lawsuit.
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BlackFire Cyber Insurance offers free, comparative quotes on General Liability Insurance from multiple insurance carriers so you can get the best possible rate.
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What General Liability Insurance Covers
General liability coverage may be included in a business owner’s policy (BOP) or written as stand-alone coverage. It can protect your business from a number of risks, including property damage, bodily injury, damage to rented premises, medical payment, advertising errors, and harm to reputation.
Property Damage and Bodily Injury
This coverage helps protect against claims alleging bodily injury or property damage caused by your business operations or products.
Damage to Rented Premises
If your business is occupying rented premises, GL insurance can provide protection against damage to the premises caused by fire, lightning, or explosions.
Medical Payments
If a person is injured on business premises, general liability insurance can help protect against claims for costs of medical treatment.
Advertising Errors
This insurance can protect your business against claims associated with advertising your goods, services, or products.
Harm to Reputation
GL insurance can provide protection against claims of slander, libel, wrongful eviction, malicious prosecution, and violation of the right of privacy.
General Liability Insurance Costs
The cost of general liability coverage for your business is affected by a number of factors, including:
- Type of business
- Number of employees
- Level of risk exposure
- Location of business
Some businesses, by their very nature, have higher risk exposure than others. Our agent at BlackFire Cyber Insurance in Atlanta, Georgia, can help you obtain complete general liability coverage for your business, and we focus on finding the best level of coverage at the lowest possible rates.