For example, Commercial Liability Insurance coverage can help cover the costs related to claims of:
Bodily injury or property damage – for claims that your business caused someone bodily harm or damaged someone's property.
Medical payments – to help cover medical costs if someone sustains an injury at your business.
Damage to rented property – if property you rent is damaged by fire, lightning or explosion.
How Much Does General Liability Insurance Cost?
The cost of a General Liability (GL) policy premium varies widely depending on the business. Several factors are baked into the calculations that ultimately determine a business's GL policy premium. These factors include the type of business – as you would imagine, companies in higher risk industries, like construction for example, are charged higher premiums than lower risk businesses, like consulting companies.
Other factors that figure into a premium rate calculation include the years of business experience in the industry, where more experience may equate to lower rates; and the location, size and condition of your business premises. Sometimes your insurance claims history can also be a factor.
Then there are policy specific details that also affect your rate such as coverage limits – higher coverage limits cost more. On the other hand, electing higher deductibles can help lower your premium cost.
To learn more about what a General Liability Insurance policy will cost your business; get a free GL quote online.
Why Do You Need General Liability Insurance?
Many business owners wonder why they need General Liability Insurance and the answer is simple; you need GL insurance to help protect your business from the potentially devastating costs of liability claims that may arise from even the most common business situations. These include: if you or your employees represent your client's business, meet with clients face-to-face, work on or with others' property, or use third-party locations for business activities. You'll also want GL if you need protection for advertising injury lawsuits or have clients or customers who require proof of insurance before signing into a contract. Get a GL quote today.