General Liability Insurance – HOW and WHY ?

The general liability insurance is also known as Business liability insurance. If anything happens during any operation in the company under normal conditions then the business liability insurance act as a protection against the loss of the company and provide coverage to the loss. The people running small businesses can easily the claim the cost of cover and guard their company from the loss with the help of this insurance policy.

General Liability Insurance Cover

The general liability insurance helps to cover and protect the different sort of losses occurred in the small businesses under any sort of working activities like :

• Defence costs
• Property damage
• Personal and advertising injury
• Physical injury

Cost

The cost of general liability insurance varies depending upon the different requirements as well as different risk factors in the businesses and that includes :

• The number of employees
• The location
• The working type or job

Factors depending on Liability Insurance

• Medical Payments :

If any worker or an employee gets injured during the activity or the business operation of the          company, then the insurance will pay the recovery expenses because this falls under no-fault          category.

• Property Damage :

If any property gets damaged during any working activity of the company, then the insurance will pay the entire amount when claimed.

• Personal & Advertising Injury :

If the person is defamed on the basis of false statements or is indulged in the copyright issues          then the insurance will pay the cost of entire legal actions on behalf of the company.

Need for Liability Insurance Cover

There is an urgent need for the general liability insurance cover especially in the small businesses because in every business the security and the protection against the losses is very needy and required in order to run a business smoothly. So the businesses in which the liability insurance is needed are as follows :

• IT contractors
• Consultants
• Landscaping companies
• Janitorial services
• Artisan contractors
• Real estate agents
• Marketing
• Small business owners and many more.

Purchasing GIL Insurance

In order to purchase the best liability insurance one should take advice from the professional consultants so as to purchase the best suitable insurance for the company or the business in accordance with the requirements.

The company or a person can purchase the general liability insurance as a stand-alone policy in which it includes Business Owners Policy(BOP) or Commercial Package Policy(CPP). Under normal conditions the person cannot claim for the BOP as well as CPP because it do not provide the claim cover with these two policies so in order to make these policies as a part of GIL insurance, the person should have to purchase an umbrella policy for more protection  and secure facilities. So, the liability coverage does not depend on the type of business you are running but on the risks and the type of insurance coverage you are purchasing.