General liability insurance, also known as business liability insurance or commercial general liability (CGL) insurance, is the foundational coverage for your business, no matter the size.
It safeguards your business against unforeseen financial loses resulting from claims of injury or damage caused to others by your business activities. This makes general liability insurance a fundamental component of your business’s risk management strategy.
And while not typically required by law in any state, CGL coverage may be mandatory by contract in some industries, particularly for contractors. It is also often required by landlords for retail establishments.
Covers the costs associated with injury to persons or damage to property that your business is legally responsible for. For example, if a customer slips and falls in your store or your employee damages a client’s property.
Protects against offenses made by your business in the course of advertising its goods, services, or operations. This can include slander, libel, and copyright. An example may be if your business is sued for libel because of something printed in your company’s advertisement.
Provides coverage for bodily injury and property damage caused by products sold or services rendered by your business. If one of your products or service causes injury or damage, for example, after it has been sold or completed.
Offers coverage for medical expenses if someone is injured on your business premises or by your operations. Coverage is paid regardless of who is at fault. For instance, if a visitor is injured on your business premises and needs medical treatment.
