Small businesses looking to offer their company the best insurance coverage available should consider obtaining a small business liability insurance policy. General liability insurance, also known as small business liability insurance is an important source of protection for small businesses looking to protect their business assets against claims from accidents, false advertising, bodily harm, and damages from a variety of risk exposures. Small business liability insurance offers supplemental insurance coverage for litigations, liabilities, and other unforeseen risks.
What is Small Business Liability Insurance?
Small business liability insurance, or general liability insurance, offers insurance protection for small businesses against a host of risks that can occur from accidents within their building, claims from customers or clients for insufficient work, and other occupational risks that come with owning and operating a small business. By obtaining small business liability insurance, your company can protect its business and financial assets from claims as well as cover defense fees, and other types of financial losses.
What Does it Cover?
General liability insurance covers a multitude of claims that can negatively affect your business and financial assets. Coverage includes advertising losses from false advertising (whether written or verbal), bodily harm from an accident that occurred on the premises of your business, damage done by an independent contractor, product liability for work that was claimed to be damaged or incomplete, litigation expense from medical expenses as a result of an injury of a customer or client on the premises of your business, and damages including punitive damages, compensatory damages, and general losses from a variety of damages from your business.
Types of Small Business Liability Claims
- Employment Practices Liabilitywill cover claims made by employees or job applicants for employment practiceds they deemed unfair, such as discrimination, mental anguish, harassment or other lawsuits.
- Personal and Advertising Injuryoffers coverage for offenses made by the business owner or their workers, including copyright infringement, slander, or criticism.
- Automatic Additional Insuredis coverage from the general liability insurance policy that is automatically awarded as required by a written agreement or contract.
- Defense costsinclude coverage of court costs and legal expenses from defending your company against liability claims.
- Medical Expensesis coverage under the general liability insurance policy that protects against medical costs accrued for medical treatment for an illness or injury that occurred on the premises of your business, such as from an accident.
- Tenant’s Liabilitycoverage will offer security to your business when a claim is made due to unforeseen event that caused damage to the building of your business, such as a fire or plumbing issue.
- Premises and Operations Liabilitycoverage includes property damage or bodily harm through your business operations on the premises of your company. This includes a work-related injury such as your construction equipment accidentally damaging the structure next to your office building.
General liability insurance, or small business liability insurance as many businesses prefer to call it, offers an assortment of coverage options for various types of litigations and claims, liabilities, and risks that can occur on the premises of your business, or as a result of your business operations.
