General Liability Insurance is a fundamental type of business insurance that provides coverage for a range of common risks faced by businesses. It is designed to protect businesses against financial losses arising from third-party claims related to bodily injury, property damage, and other liabilities. Here are key features and components of General Liability Insurance:
1. Bodily Injury Coverage:
- If someone is injured on your business premises or as a result of your business operations, General Liability Insurance helps cover medical expenses, legal fees, and other costs associated with bodily injury claims.
2. Property Damage Coverage:
- In the event that your business causes damage to someone else's property, whether it's a physical location or personal belongings, General Liability Insurance provides coverage for the costs of repair or replacement.
3. Personal and Advertising Injury:
- This component of General Liability Insurance covers non-physical injuries, including claims of libel, slander, defamation, and copyright infringement arising from your business's advertising or communication efforts.
4. Products and Completed Operations:
- Protects your business against liability claims related to products you sell or services you provide, including claims of injury or damage caused by defects in your products or services.
5. Medical Payments Coverage:
- Offers coverage for medical expenses incurred by individuals who are injured on your business premises or as a result of your business operations, regardless of fault. This coverage can help resolve minor injury claims quickly.
6. Defense Costs:
- General Liability Insurance covers legal defense costs, including attorney fees, court costs, and settlements or judgments. This is essential in navigating the legal process if your business faces a covered claim.
7. Premises Liability:
- Addresses claims related to injuries or accidents that occur on your business premises, whether it's a retail store, office space, or other physical location.
8. Operations Away from Business Premises:
- Provides coverage for your business activities that occur away from your primary location. This is important for businesses that operate in multiple locations or provide services at client sites.