What’s Covered Under Commercial Property General Liability Insurance?

It feels great to run a profitable business, especially when it’s operating smoothly. Things don’t always go as planned, and certain incidents can cost a pretty penny. For this reason, business owners flock toward commercial property general liability insurance. Here’s what general liability insurance offers.

What Is Commercial General Liability Insurance?

Commercial general liability insurance is also known as business liability insurance and is a staple form of insurance for many businesses. It protects the business from legal claims for bodily injuries and property damage. Should an injured party file a claim or the property become damaged by your business, the insurance company can cover the upcoming expenses.

What Does Commercial Liability Insurance Cover?

General business liability insurance will typically cover medical expenses and attorney fees incurred from claims involving your business operations. Some insurance policies may also cover expenses for damages to the building itself. The amount disbursed for processed claims depends on the insurance policy in effect. Check with your insurance provider to ensure that you have enough protection for any incidents that you may be liable for covering.

Running a business entails taking on certain risks that can cost a fortune to handle. General liability insurance can protect your business in case of any unfortunate accidents.

Why Small Businesses Need General Liability Insurance

You may think that one way to minimize expenses in your small business would be to eliminate your general liability insurance. However, this type of policy is usually quite affordable, and it protects you from losing substantially more money in the future. Here is an explanation of why you should keep this coverage.

What It Covers

General liability provides protection from personal injury lawsuits brought by members of the public who get hurt while on your property. It also would pay your legal bills if someone were to accuse you of copyright infringement; therefore, it’s a good idea to have this policy in place, even if you work from home and do not see clients regularly.

How Much It Costs

General liability is less expensive than most people imagine it to be. Depending on the details of the policy, many small businesses pay between $30 and $50 per month. This premium is actually quite low when you consider that an average attorney charges between $100 and $400 per hour to represent you in court, on top of court fees.

When your main source of income is a small business, you learn to cut unnecessary expenses. However, your general liability insurance policy is not something you can do without.