What is General Liability Insurance?
It’s a policy that covers many common — or “general” — lawsuits that affect small businesses. These lawsuits include disputes related to copyright infringement, falls and injuries on your property, libel or slander, and property damage.
At Rush Insurance Agency, we conduct an assessment to find out what potential risks need to be covered for your business. We search for insurance carriers that will cover those risks for a reasonable premium. We then explain your policy in a manner that’s easily understandable.
General Liability Facts
- Nearly every business needs General Liability Insurance.
- General Liability Insurance pays for expenses related to lawsuits (lawyer’s bills, evidence costs, witness fees, damages owed to the party suing you, etc.).
- General Liability Insurance only pays for lawsuits filed against your business by third parties (i.e., people your business doesn’t employ).
- General Liability Insurance is sometimes called “slip-and-fall” insurance because, among other things, it covers lawsuits when someone is injured at your store or on your property.
- General Liability Insurance isn’t usually required by law, but it is required in many business contracts and rental leases.
- Many small businesses buy General Liability Insurance packaged with Property Insurance through a bundled policy called a Business Owner’s Policy.
- If you have to apply for a business licenses (plumber’s, electrician’s, etc.), you’ll probably have to purchase General Liability Insurance to meet your state requirements.
General Liability FAQ’s
- Where should I buy General Liability Insurance? You can buy business insurance from any of a number of different brokers. Make sure you get multiple quotes before you commit to buying a policy. If you request a quote from us, we’ll send you multiple General Liability Insurance quotes from multiple carries for FREE.
- How much General Liability Insurance should I buy? This really depends on the size of your business, but many small businesses start with a standard small business policy that covers $1,000,000 to $2,000,000 worth of lawsuit expenses and other costs.
- What happens if I cancel my policy? You are free to cancel your policy, but we don’t recommend it. Insurance companies charge more to businesses who start and stop coverage. In the long run, canceling your policy will make you pay more and less appealing to other carriers who you would like to obtain coverage through. All cancelations need to be submitted to our agency in writing.
- What happens if I need to buy more insurance later? Adding coverage to an existing policy is easy. The process is simple: your insurance company increases the coverage amount and charges you a higher annual premium.
- I need General Liability Insurance in order to sign a contract. How quickly can I get it? General Liability insurance may take one day to a week until the policy is established. It depends on the type of business you have and the risks involved. After you purchase a policy, we can email you a Certificate of Liability Insurance, which is the formal proof-of-insurance document you need to show when you sign certain contracts or apply for professional licenses.