Business Liability Insurance
Business Liability Insurance is used to protect against loss if the business is determined to be liable or negligent for property damage or bodily injury to a third party. When a claim is filed against a business, the legal defense fees, damages, and settlement charges are usually paid by the insuring company.
What does a General Liability Insurance policy do?
It helps cover the costs of claims made against your business for the following type of things.
Third-Party Bodily Injury: If someone is injured on your business property, they can make a bodily injury claim against your business. For example, a customer trips over the base of a display case, falls, and breaks their wrist. Help with covering the costs of the bodily injury claim for the accident can be provided by the general liability insurance policy.
Third-Party Property Damage: You may be subject to a property damage claim if you or someone on your payroll damages the property of a third party. The costs of property damage claims against your business can be covered by general liability insurance. For example, your employee driving a forklift on your property accidentally damages a neighboring office building. If that neighboring business files a property damage claim against your business, your general liability insurance can assist in covering the settlement costs.
Advertising Injury: Your general liability insurance policy can help with the costs of a claim made against your business due to advertising practices. For example, another business in your industry claims that your advertising looks too similar to theirs. Your general liability insurance is there to assist in covering the claim costs that your business incurs.
Reputation Harm: Reputation harm happens when another business claims that your business harmed its reputation in some manner. For example, for a local news article, you are asked to comment on your competition. A competitor business reads the article and files a claim of slander against your business. Your general liability insurance coverage is there to help alleviate the costs of slander and libel claims against your business.
Additional Insured (optional): It automatically covers any person or organization as additional insured where required by contract.
General Liability Insurance forms the bedrock of your small business protection. Paschall Insurance Group helps you build that solid foundation for all of your business insurance needs.