Insurance against numerous claims, such as physical injury, personal injury, property damage, and other losses or damages that may occur during the course of your company’s activities, is provided by general liability insurance (GL), often known as commercial liability insurance.
Commercial general liability insurance is designed to safeguard your company’s assets in the event that an incident happens as a result of a non-professional conduct, which may result in a third party suing your company for damages. The following items are usually included in general liability quotes:
- Property damage and physical injury are two types of responsibility.
- You have caused damage to the homes that you have leased.
Payments for medical expenses
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Who Is Necessary to Have General Liability Insurance?
In a Business Owners Policy, general liability insurance is often combined with assets insurance to provide comprehensive coverage. Nevertheless, the package is also accessible to many contractors as a single coverage via the Progressive Advantage Business Program, which is provided through the Progressive Insurance Company.
A business owner or contractor is needed to obtain business liability coverage in order to safeguard the operations of their company. A single accident may result in a lawsuit, which you may find difficult to navigate through the legal system.
The most effective method to protect your company is to make certain that you have liability coverage that is appropriate for the amount of risk that your company confronts.
Some customers and employers may also need you to have a specific level of general liability insurance before you can establish a partnership with them.
Small-business general liability insurance is a must
If you own or rent an office or a commercial facility, you are required to carry general liability insurance. This is especially true if you own or rent a commercial property. Generally speaking, general liability insurance coverage is required in the majority of client contracts.
Regardless of whether this requirement applies to your company or not, commercial general liability insurance provides many advantages to small companies that interact with customers on a daily basis.
This insurance coverage protects your company’s financial stability in the event that a rival or a customer files a lawsuit against you.
Because general liability insurance provides important protection, the majority of small business owners buy the policy shortly after starting their company. Generally speaking, general liability insurance is not required by law in most states.
It is, nevertheless, required in some sectors, such as the construction industry. In addition, it may be needed by customers, mortgage firms, and landlords, among other parties.
Contractors’ General Liability Insurance – What You Need to Know?
If you are a contractor, you may just need general liability insurance rather than a comprehensive business owner’s policy. For example, you may not own a business property that necessitates the purchase of property insurance to cover staff wages and other operating expenses.
You are, nevertheless, nonetheless exposed to liability concerns as a result of your occupation. Depending on your situation, you may be able to obtain general liability insurance coverage without the extra packages included in a BOP. This is made possible via the Progressive Advantage Business Program.