How much does general liability business insurance cost? Liability insurance costs fluctuates depending on the type of business you own. Below is an informative outline of general liability business insurance costs across the nation with definitions and examples.
It's a small price to pay for general liability protection that will help you as a business owner get to sleep at night. General liability insurance can be as low as $300 to $400 in some instances! Plus, you can protect your own business property for an additional premium. When adding property coverage to a General Liability policy, this is often referred to as a Business Owner Policy or BOP insurance. There are many other coverages that can be afforded by having a business owner policy like commercial auto insurance, commercial property insurance and even loss of income or business interruption insurance.
To put it simply, general liability insurance covers your business against claims for bodily injury and property damage. The Insurance Risk Management Institute or IRMI defines general liability insurance as "A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability."
Business liability insurance is essentially another term for general liability insurance. Whereas general liability insurance can technically be referring to liability insurance for personal exposures like auto insurance or homeowners insurance, these coverages are better referred to by personal liability insurance. When relating to business insurance, business liability insurance and general liability insurance are interchangeable terms.
The Small Business Administration elaborates on this definition with a more specific take. The SBA defines general liability insurance as "Liability insurance (also known as Commercial General Business Liability) protects a company’s assets and pays for obligations – medical costs, for example –incurred if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees. Liability insurance also covers the cost of your legal defense and any settlement or award should you be successfully sued. Typically these include compensatory damages, nonmonetary losses suffered by the injured party, and punitive damages. General liability insurance can also protect you against any liability as a tenant if you cause damage to a property that you rent, such as by fire or other covered loss. Finally, it can also cover claims of false or misleading advertising, including libel, slander, and copyright infringement."
As you can see, there are many different ways your business can cause injury or damage. Knowing that coupled with our increasingly lawsuit happy world makes general liability insurance absolutely vital for any business owner. It seems that anyone these days can sue you for just about any reason! Well, that's not entirely true. But, having general liability insurance will give you peace of mind for the unknown or unforeseen accident that could happen.
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