What Does Liability Insurance Cover?
Many small business owners have a general liability insurance policy to help protect their companies. You may be asking yourself, “What does general liability cover?” This insurance helps protect your business from claims of:
• Bodily injury
• Property damage
• Advertising injury
• Copyright infringement
• Reputational harm
Liability claims are common and can come up during normal business operations. They can get expensive for small businesses and many don’t have the resources to cover a liability claim. Did you know the average cost of a slip and fall claim is a reported $20,000? And if you’re faced with a reputational harm lawsuit, be prepared that they’re around $50,000. Without liability insurance coverage, your business would have to pay these costs out of pocket.
A General Liability Policy for Your Business May Cover the Following Claims
• Bodily injuries and property damage your business may have caused. This can include customer slip and falls or employee accidents, like breaking a client’s windows while working at their home.
• Advertising injury that your business causes by defaming someone else or another company
• Copyright infringement from using someone else’s work in your business’ ads without their permission.
• Reputational harm if something you said in an interview about another business owner negatively impacts their company.Costs for property damage claims against your business
• Medical expenses if someone gets injured at your company
• Advertising injury claims against your business
• Administrative costs to handle covered claims
• Court costs, judgments and settlements for covered claims
• Your general liability insurance can help cover claims up to the coverage limits in your policy.
Call us today to discuss your liability needs.
Liability claims are common and can come up during normal business operations. They can get expensive for small businesses and many don’t have the resources to cover a liability claim.