Things To Know About General Liability Insurance
General liability insurance is a foundational coverage for businesses, designed to protect against common risks associated with day-to-day operations. Carver Insurance Services, Inc. provides general liability insurance in Winchester, Menifee, Murrieta, Wildomar, Lake Elsinore, Temecula and surrounding areas. These are key aspects to understand:
What It Covers
Bodily Injury and Property Damage: Protects your business if someone gets injured on your premises or if your operations cause damage to another’s property.
Personal and Advertising Injury: Covers claims such as libel, slander, copyright infringement in advertisements, or false advertising.
Legal Costs: Pays for legal defense and settlements, even if the claims are unfounded.
Who Needs It
Small and Large Businesses: Any business interacting with clients, vendors, or the public.
Contractors and Freelancers: Often required by clients or contracts.
Landlords and Property Owners: Protects against liability risks associated with renting or managing property.
Policy Limits
A policy typically includes two types of limits:
Per Occurrence Limit: The maximum payout for a single claim.
Aggregate Limit: The maximum payout during the policy term.
Exclusions
General liability insurance doesn’t cover:
Employee injuries (covered by workers’ compensation insurance).
Professional errors (requires professional liability insurance).
Intentional acts or damages.
Cost Factors
Premiums depend on factors like:
Business size and industry.
Location and risk exposure.
Coverage limits and deductible amounts.
Importance
Without general liability insurance, businesses face significant financial risk from lawsuits or claims. This insurance provides a safety net, helping businesses remain operational after unforeseen incidents.
Pro Tip: Review your policy regularly to ensure coverage aligns with your business needs and complies with contractual obligations. Should you have any questions, feel free to give us a call.
