General liability insurance is any insurance that is against potential loss due to the insured’s liability for bodily injuries and damages to property. This insurance is so important that even the medical fees that result from these injuries can as well be covered.
So, it’s recommended for every business to have this means of indemnity. It acts as security from damages, losses, or penalties that you might face.
Although the General Liability Insurance covers a lot of damages and penalties there are still some exceptions like that of a legal sanction or doings that are done on purpose.
Unexpectedly, you might fall victim to having to pay the medical expenses of someone who got tripped and fell in your store or even at your home. With this Liability Insurance, these costs can be covered and other expenses associated with it.
What does General Liability Insurance Cover
General liability insurance conducts helps protect, safeguard, or cover you from loss due to injuries, or property damages that are caused by your business products, services, or operations.
It might not be your business, it could be from your personal property or your home. Moreover, sometimes you might hold responsible for damages to the property owned by your landlord, its policies still helos cover such costs.
As a matter of fact, not all injuries, damages, or penalties are covered by General Liability Insurance. For example, if your employee got injured, the General Liability does not cover such expenses. Another example might also be a legal sanction, although this varies in different states.
Acts that are done on purpose or intentionally cannot be covered as it is a deliberate act. Moreso, some accidents are not covered by this policy if they are automatic.
Do I Need General Liability Insurance if I Have an LLC
Although Limited Liability Companies are business organizations authorized by state laws. They do not have the exact number of memberships, so they can be owned by corporate or foreign bodies. Despite these permissions, the state doesn’t guarantee your protection from damages and losses entitled to your property.
You still need General Liability Insurance to cover such losses. So if you are not registered for these policies and such events occur, you are to cover such costs yourself.
What Are The Average Costs of Commercial General Liability Insurance
Actually, the costs of this Insurance differ based on your business operations and the limits of the policy. Irrespective of the limits, the average cost of commercial liability insurance is about $40 per month which is $480 per year. Although it differs but shows what your business is to pay, it might be lower, higher, or even the same.
Many small business organizations have their insurance payment ranging between $300 – $600 paid per year based on their policies, operations, and other factors. Some might even pay lower than $300. This analysis was based on thousands of Insureon small business customers that bought this Insurance policy.
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