Small Business Liability Insurance Coverage – General liability insurance can help protect your small business against claims for bodily injury or property damage. Without general liability insurance, you will have to pay for these claims out of pocket. General liability insurance (GLI) can be called many different things, including business liability insurance, commercial general liability insurance, and comprehensive liability insurance (CGL).
Remember that every business is unique, so the cost of general liability insurance varies from person to person. Factors that determine these costs include:
Small Business Liability Insurance Coverage
Did you know that four out of 10 small business owners will likely face a property or general liability claim in the next 10 years?
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Claims range from unexpected occurrences such as theft to unforeseen accidents such as when a customer is injured after a slip and fall.
It’s a question we hear all the time: “Does my small business need general liability insurance?” The answer is probably yes. General liability insurance protects you against the following claims:
If a customer injures themselves at your business, this policy can help cover their medical bills.
Employees sometimes damage customer property while delivering products or services. Your GL policy can help cover the loss.
Protecting Your Small Business With The Right Policy
A general liability insurance policy can help you with cases such as defamation, libel, defamation, wrongful eviction, and invasion of privacy.
If your rental property is damaged by fire, lightning or explosion, your general liability policy can help pay for the repairs.
You can save on general liability insurance costs by bundling things like a business owner’s policy (BOP). It combines general liability with commercial property insurance and business income insurance.
Liability insurance helps protect you from costly general liability claims that can arise during normal business situations, such as:
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You may need this insurance if your customers want it. Many customers want to confirm general liability coverage before signing a contract with your business. You can prove that you have general liability insurance with a certificate of liability insurance.
General liability insurance does not cover all types of claims. Depending on your small business, you may need different types of coverage to better protect your business. A general liability insurance policy does not cover commercial auto accidents, employee injuries or illnesses, damage to your business property, professional errors or mistakes, willful misconduct, wrongful acts, or any claims that cost more than your liability limit. If your business can’t open due to an insurance breach, it won’t cover claims related to a data breach or loss of revenue.
State laws do not require businesses to carry general liability insurance. But it’s a good idea to get this liability insurance. If a customer sues your business and you don’t have insurance, it could put your business finances and personal assets at risk.
It is important to understand the general liability insurance laws in your state. Work with your local insurance agency or our small business insurance team to help you choose the right business liability insurance.
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Although state law does not require LLCs to carry business liability insurance, it’s a good idea to protect your business against everyday risks. Without it, you’ll have to pay out-of-pocket for claims against your business, which can be costly. Talk to an insurance agent or get an online quote to see how we can help protect your LLC.
When you’re ready to get a general liability quote, you’ll want to have the right information. It includes:
Not all insurance companies are the same. It’s important to work with someone you can trust. We have over 200 years of experience helping small business owners protect their companies with insurance such as general liability insurance.
Whether you’re looking for a quote, trying to understand general liability category codes, or need help filing a claim, we’re here to help.
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Get a free quote or get your general liability insurance online to learn more. We can also help you obtain other important business insurance, such as commercial property insurance and commercial auto insurance.
1 Bonus amounts shown are based on monthly premiums paid by The Hartford small business owners for a 12-month policy from 1/1/21 through 12/31/21. The top ranking depends on a number of factors specific to your business and can vary.
2 Hartford, “Hartford Report: Over 40% of Small Businesses Will Face Lawsuits in Next 10 Years”
Hartford shall not be liable for any damages arising from the use of any information provided on this page. This information is educational in nature, so please consult your insurance agent/broker or insurance company to determine your specific insurance needs.
General Liability Insurance Cost
The information on this page should not be construed as specific legal, human resources, financial or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, the description of coverage will be made in the policy language and the potential payment for any claim will be determined after the investigation of the claim.
Some coverage varies by state and may not be available to all businesses. All Hartford insurance and services mentioned on this page may be offered by one or more of The Hartford Financial Services Group, Inc.’s property and casualty insurance company subsidiaries listed in the Legal Notice.
Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under The Hartford brand and is headquartered in Hartford, CT. For more information, read the Hartford Legal Notice. Whether your opening happened this weekend or last century, it’s important that your business is fully covered. But you might be asking yourself, “Isn’t insurance so expensive?” Our answer: “Not necessarily.”
Our independent insurance agents will shop around and compare policies from multiple carriers to find the right coverage for you. This means protection and price. No two businesses are the same, so they’ll keep your unique needs locked in, loaded, and ready for whatever comes next.
General Liability Insurance For Business
We’re here to help simplify your search. But we asked, “It’s going to be $5 a month, is it cash or check?” can’t say. However, we can give you a little insight into business insurance rates and how they are calculated to get you started.
Insurance company personnel begin by reviewing a list of risk factors (size, location, etc.).
Each of these risk factors is associated with a cost that can be determined by examining historical trends or analytical models (boy, it’s getting really scientific here). Then they start checking the factors involved, add it all up, mix in a little profit margin for flavor, and serve up your price.
NOTE: Your insurance costs may change over time as the financial requirements to offer the plan may increase. Just a warning.
Premises Liability Insurance Basics For Small Business
Business insurance is a contract between a business and an insurance company. This contract basically states that the business will pay a premium and the insurance company will help replace, repair or restore your business property if it is lost, stolen or damaged.
Think you don’t need it? Think again. Coverage is important to protect your business from all kinds of bad things that happen every day, including:
Running a business can be rewarding, but it can also be a real nail biter if you’re a little worried. To put your business concerns to bed, you’ll want to talk to your agent about your specific business needs. Before diving into more fine-tuned policies, here are some basic principles:
Simply put, the cost of insurance depends on what your business does and how much it does. Depending on the type of business you run, you may need to purchase several types of additional coverage (for example, if your business has delivery vehicles, you may need commercial auto insurance).
Short Term Liability Insurance
There is no average cost of business liability insurance for small or large businesses, but we can look at some examples.
Comparing policy rates on your own can be tricky and there’s a lot to understand. This is where our agent comes in to save the day. They will know everything to consider when comparing rates.
An independent insurance agent can make your business life a whole lot easier. They are not affiliated with the same insurance company, so they can shop, compare and aggregate all parts of insurance for you.
We know what you want—fast and easy business insurance quotes in less than a minute. We get it, you want the lowdown, A-SAP. However, choosing a supersonic speed means you lose accuracy, which can cost you.
Professional Liability Insurance Cost
Online companies may omit factors that calculate higher risk and more expensive policies, leaving you with options that could save you some serious green.
In addition, our competitors may sell your valuable information to multiple companies and send you bulk unsolicited voicemails from unknown numbers. We’ve grabbed the microphone and given you the information and options to connect with an independent insurance agent when you’re ready. To run a successful business, you need to take risks. But taking risks doesn’t mean not doing a little risk management