General Liability Insurance

If you’re in business, you need General Liability Insurance (GLI). Unfortunately we live in a litigious society and the costs associated with just one lawsuit can far exceed the cost of having GLI for decades. GLI doesn’t cost much annually – ranging from about $750 to a few thousand dollars, depending on your type of business and risk of exposure. That’s far less than the hundreds of thousands, or even millions you might spend to fight a single claim against your company in court.

What is General Liability Insurance?

General Liability Insurance protects your company’s assets and pays for costs incurred if someone gets injured on your property, property damage, or injuries caused by your employees. Additionally, it pays for legal defense and settlements or awards in the event of lawsuits.

Do you rent your place of business? GLI protects you against liability for damage to rented property by fire, accidents, and other losses.

GLI provides protection from other risks, such as false or misleading advertising, printed defamation (libel), spoken defamation (slander), copyright infringement, and more.

How Much GLI Coverage Does Your Company Need?

This question has no one-size-fits-all answers. What type of business are you in, and what are the perceived risks? Obviously, if you are a building demolition contractor, you’ll need a higher level of GLI coverage than a coffee shop owner.

Be sure you understand the maximum amount your GLI coverage offers. If your coverage maxes out at $350,000, but you are involved in a legal settlement calling for $500,000, you will be responsible for paying the additional $150,000.

If you are at the higher end of the risk scale, you can purchase additional excess insurance or an Umbrella Policy for additional coverage.

General Liability Insurance can be purchased separately or as part of a Business Owner’s Policy (BOP) combining liability and property insurance into one cost-saving policy. This works best for businesses at the lower end of risk exposure. High-risk businesses require a higher level of coverage and generally are not covered adequately with a BOP.

Call Alliance Insurance Group today and let our expert Independent Agents help you determine what limits and types of coverage your business requires, or fill out our online form to request a quote.