General liability insurance is one of the most essential business insurance solutions to protect your household business against unforeseen risks. No matter if you are a manufacturing company, retailer, service provider, or any other type of establishment, you can be sued in many instances for injuries or damage done to people and properties.

General liability insurance for businesses is a type of insurance that covers you in the event of a claim. General liability insurance is one of the most important types of business insurance coverage, as it protects you from being sued for damages or injuries caused by your business.

General liability insurance also helps protect your company from lawsuits related to products and services sold, premises liability claims stemming from accidents on company property, and product liability claims. This insurance covers any damages resulting from bodily injury or property damage for which your company may be liable.

It’s important to note that this type of business insurance does not cover other forms of financial loss including lost income, loss of use, or loss due to business interruption. The only exception to this is if you have additional coverage through an umbrella policy, which provides additional liability coverage above and beyond what is provided by individual policies.

What Does General Liability Insurance Cover?

General liability insurance covers many different types of losses. It can help you pay for costs related to:

• Accidents that happen on your property or in your business; such as slips, trips, and falls (although some policies may limit this coverage)
• Accidents that happen off-site if they are related to your business; such as someone getting hurt at a trade show booth where products were being sold; or an employee getting in an accident on his way to work
• Claims from customers who get hurt on your property or because of something that happened while they were visiting your store or office (including slip-and-fall accidents)

What Is The Difference Between General Liability And Professional Liability Insurance?

The main difference between general liability and professional liability insurance is that the latter covers lawsuits related to the services provided by your business. For example, if you are a dentist and one of your patients gets an infection after a root canal, then this would be covered under professional liability insurance because it relates to your practice as a dentist. However, if a customer slips on an icy sidewalk outside your business, then this would be covered by a general liability policy because it’s not related to your profession as a dentist.

What Is The Difference Between Workers’ Compensation And General Liability Insurance?

Workers’ compensation is one form of employer’s liability insurance that covers workplace injuries suffered by employees while they’re performing their duties. Workers’ compensation carriers are required by state law to pay medical bills, lost wages, and other expenses related to work-related injuries suffered by employees.

In contrast, general liability insurance covers losses caused by liability claims related to accidents at your business or on its premises — such as slips and falls — as well as legal expenses incurred as a result of defending against such claims.

General liability insurance is an essential asset a business needs to protect itself from financial loss. If you are found liable in a lawsuit, general liability coverage will help pay for the damages and fees that you’ll incur. Proper insurance is crucial to a thriving small business. Speak with a licensed broker to help you determine the risks involved in running a small business, the amount of investment protection that you may need, and which type of general liability policies best suit your current situation.