Operating a business comes with inherent risks, and for small business owners, these risks can have an outsized impact. Something as routine as a customer slipping and falling in your store can quickly spiral into expensive legal fees and damage your company’s public image. General liability insurance is essential coverage that protects your business assets and finances when the unexpected happens.
As a full-service insurance agency with over 70 years of experience, Conner Insurance partners with CEOs, executives, and business owners to provide customized protection. We take a holistic approach, getting to know your company culture and goals so we can recommend a policy to properly safeguard your finances. Keep reading to learn what a general liability insurance policy covers, how to shop for the right policy, and why business owners trust Conner Insurance to secure their company’s future.
Related: Protect Your Assets With Comprehensive Coverage
General liability insurance is a type of business insurance that protects against third party bodily injury and property damage claims. It shields your company from the high costs of liability lawsuits, out-of-court settlements, and legal fees.
Comprehensive policies cover day-to-day business operations along with product manufacturing, events, and services offered to customers and clients. Having adequate limits ensures you won’t have to pay costly judgements or settlements out-of-pocket, preventing financial devastation.
A general liability insurance policy helps safeguard small businesses from the majority of legal allegations brought on by members of the public. Common examples include:
Quality coverage takes care of legal defense expenses in addition to any settlement or court award costs. Without protection, these types of situations could lead to expensive attorney fees and tarnish your reputation.
Given today’s increasingly litigious environment, general liability insurance is practically indispensable for small and mid-sized business owners. It prepares you for worst-case scenarios so day-to-day operations aren’t derailed by an unexpected lawsuit.
The prospect of facing a liability lawsuit is daunting for any business owner. Even frivolous complaints require time and money to address. General liability insurance cushions your finances so you have legal backing along with funds to cover judgements. This prevents potential company bankruptcy from legal allegations. At Conner Insurance, we customize an affordable plan so your enterprise stays stable.
Frivolous lawsuits and poor reputations go hand in hand, whether claims have merit or not. Our coverage includes legal defense fees so we can protect your good name. You also have access to our risk management tips and certified insurance advisors, so future incidents that lead to legal action are minimized. We take a proactive approach, regularly evaluating risks and providing actionable recommendations tailored to your business needs. Our goal is building a lasting partnership so you feel fully supported and protected.
Many small business owners first seek general liability insurance because it’s required by third parties. Landlords often stipulate tenants carry liability coverage naming them as an additional interest. By being named as an additional insured, the landlord would be provided some of the same benefits and protections provided by the tenant’s liability policy.
Large corporate clients mandate their vendors hold general liability policies before allowing work on their property. This provides recourse and financial protection in case vendor negligence onsite leads to property damage or bodily injuries. Additionally, some states require specific limits and types of coverage to legally operate.
Not all insurance companies operate alike. As a business owner, you need an advisor who takes time to understand your operations and goals to find the right plan for your business. There are some considerations to make as you shop providers.
Like most insurance policies, general liability plans contain industry vernacular that can make grasping concepts tricky. We clarify key phrases to know as you evaluate plans and quotes:
Understanding these terms allows an accurate comparison of rates, terms, and coverage from different insurers.
To generate an accurate general liability insurance quote, agents require details on your business operations, assets, locations, and more. Having the following data ready helps speed up the process:
This gives us a starting point to craft initial general liability insurance policy recommendations that we can later refine based on your risk exposures.
Like most agreements, the fine print contains vital information. Key sections to review in your liability contract include:
Thoroughly vet proposed plans so you recognize potential coverage gaps to address through added endorsements. As your trusted insurance partner, Conner Insurance guides you through the fine print to identify any risks not addressed. Our advisors explain exclusions and recommend tailored endorsements to provide comprehensive protection for your business. We are invested in fully securing your company’s finances and operations.
The amount of coverage your business requires hinges on your risk profile and state regulations. While leaning toward higher limits is preferable, this increases the policy premium paid. We teach clients methods to balance protection and price:
Related: Understanding Insurance Costs for SMEs
At Conner Insurance, we become trusted advisors to business owners nationwide by taking a customer-centric approach. Our knowledgeable advisors specialize in small-to-mid-market firms across diverse sectors, equipping us to handle unique exposures. Core advantages we offer include:
We aim to secure your finances while forging a lasting business relationship. Reach out today to learn more and experience the Conner Insurance difference.
Related: Secure Your Business With Professional Coverage
General liability insurance covers third-party incidents like customer injuries or property damage that occur due to alleged negligence. Errors and omissions insurance handles first-party claims directly from your client for mistakes or inadequate work. Many small businesses need both protections.
No, worker’s compensation insurance specifically covers employees getting hurt while working. We recommend combining general liability coverage with worker’s comp for complete protection.
Your general liability insurance will pay up to the stated occurrence and aggregate limits listed on your policy. Any amount awarded over this would need to be paid out-of-pocket by your business. This underscores ensuring adequate protection limits.
Yes, one major advantage of general liability insurance coverage is the inclusion of legal defense fees and court costs needed to address covered liability claims. Even if a lawsuit is frivolous, you have expert legal representation.
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