General liability insurance is the most common type of insurance coverage purchased by a business owner. A general liability insurance policy covers claims of damage and injury caused by the insured during the course of business. General liability insurance policies typically cover you and your company for claims involving bodily injuries and property damage resulting from your products, services or operations. It may also cover you if you are held liable for damages to your landlord’s property.
General liability can be bundled with other types of insurance. When more than one type of policy is bundled together, it is typically referred to as a package insurance policy. By having a general liability policy, companies can relax knowing that they can conduct business without having to worry unduly if an allegation is brought against them. If a claim is filed against an insured business, their insurance company will conduct a thorough investigation to eliminate any claims that are proven to be unjust.
Legal fees, including court costs, are typically covered under the policy. If the business is found liable and the incident is covered under the policy, their insurance company would pay the award amount up to the coverage limit purchased by the insured. Not having comprehensive coverage, like commercial liability insurance, leaves a company unprotected if an incident like an accident or injury occurs.
General Liability insurance policy premiums are typically based on the following criteria:
- Gross Sales
- Employee Payroll & Number of Employees
- Square Footage that your business occupies
- Type of Business
- Claims history of your business
For assistance in searching for general liability insurance for your business, The U.S. Small Business Association(SBA) offers some great tips for selecting the right coverage, such as 5 Tips For Buying Business Insurance and Insurance Resources.
Pettineo Insurance Agency Inc. provides general liability insurance in Fort Lauderdale, Lauderdale-By-The-Sea, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Coral Springs, Plantation, Lighthouse Point, Parkland and all of Florida.