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General liability insurance is key protection in the event of an accident or property damage that occurs in your business
General Liability Insurance for Your Small Business
As a business owner, you’re the decision maker responsible for staffing, inventory, products and services rendered—but you’re also responsible for the well-being of your customers and employees. If you serve the public, you should make it a priority to purchase insurance that can protect you in the event that a customer or other third-party experiences an injury or property damage during the course of doing business with you. General liability insurance is a basic form of coverage that can help protect you in several use cases.
What does general liability insurance cover?
General liability insurance (commonly called GL coverage) protects you from several types of claims that could derail your company’s success. General liability coverage often works to protect you in the event of:
- Bodily injuries
- Property damage
- Medical payments
- Personal and advertising injuries
- Products-completed operations
- Damage to rented premises
Common buyers of commercial general liability coverage include:
- Small business owners
- Landscaping companies
- IT contractors
- Real estate agents
- Janitorial service providers
- Marketing firms
- Consulting companies
General liability insurance is vital for businesses with a degree of risk. In some cases it may be the only coverage a business needs, such as in the case of independent contractors. While general liability insurance usually isn’t required by the law, not having it could prove costly. For example, if a customer slips and falls in your store or place of business and sues, you could be solely responsible for medical bills and legal fees. Make purchasing general liability coverage a priority.
Bundle Your Business Insurance for Additional Liability Coverage
While general liability insurance is absolutely necessary, it’s far from the only type of insurance you should consider. In some cases, a general liability policy may not be enough coverage. If your business is high risk or you operate with significant revenue, an unfortunate accident or catastrophe could cause you to lose everything.
General liability insurance doesn’t cover first-party damages, so it won’t pay for costs related to your own property damage or theft. It also doesn’t cover professional mistakes or neglect, such as improper installation of a product. In these cases, you will need professional liability insurance coverage.
For these reasons, it makes sense to purchase a business owner’s insurance policy that bundles general liability insurance with other coverage, including business interruption coverage and protection for property damage.
Commercial General Liability Insurance Costs
While the cost of commercial general liability coverage depends on several factors, your specific business needs are the most important. No two companies are alike, after all. But you can generally count on three main elements influencing the price of your policy:
- The type of work you do
- Where your business is located
- The number of employees you have on staff
How do I get a general liability insurance policy?
The easiest way to get a general liability insurance policy is to work with a company that can provide quotes from several insurance companies at once. At SelectQuote, we can do exactly that. In some cases, you may not need a general liability policy, or you may actually be better suited with other types of coverage. We can help you navigate the process and figure out what kind (and how much) of insurance is right for you and your business.
Protect Your Dream with SelectQuote
As a business owner, you have several priorities to juggle—and worrying about liability protection shouldn’t be one of them. Let SelectQuote help you shop for business liability insurance coverage that doesn’t bust your budget and frees you up to focus on what really matters: the day-to-day operation of your successful company.