General Liability Insurance
General Liability Insurance Information
Running a business costs money and has its risks. There’s always a chance that you might make mistakes that harm others, and when these problems occur, they’re likely to cost the business money. In fact, if a dissatisfied customer sues you because they believe you caused them harm, then the losses might be impossible to overcome. Don’t put a business at risk of failure if these incidents ever occur. Instead, having the proper liability insurance in place can help you minimize this risk.
Lupton & Luce Insurance will provide every business owner in New York with the essential commercial insurance benefits that always securely address liabilities in your business. You can trust us to know how to research, build and finalize an affordable policy that fits neatly into your risk management plan. Call us at (631) 727-4114 or request your free policy quote now!
Common General Liability Insurance Questions
A liability is the responsibility someone has for something. In insurance terms, liabilities are the risks you have of accidentally causing harm to those with whom you do business.
Businesses might periodically make mistakes or be negligent in ways that cause harm to clients or other parties. The affected party might try to sue the business as a result. The settlement, legal fees and related costs might prove exceptional. General liability insurance is designed to help cover the costs of fixing your mistakes.
General liability policies can apply to a number of mistakes or negligent accidents occurring in your line of work. It might apply to:
- Bodily injuries, such as the injuries a client sustains after slipping and falling in your store.
- Property damage to others’ belongings, such as if you visit someone’s home to make plumbing repairs but wind up causing a burst pipe that floods part of the home.
- Products/completed operations damage. If you make a product or perform a service, and that product later causes a client injury or property damage, then this coverage can pay.
- Legal assistance related to liability lawsuits. The policy might pay for the legal costs of both the policyholder and the person who files the lawsuit.
You will often need other coverage alongside your general liability policy, such as:
- Cyber liability insurance
- Hired/non-owned auto liability insurance
- Errors & omissions insurance
- Employee dishonesty insurance
- Employment practices liability insurance
In many cases, you can add this coverage into your general liability insurance as a policy endorsement.
General liability policies protect business owners and their employees from the financial losses related to a claim by a third party. Therefore, the business is the entity that buys the coverage. However, the third party who sustains damage is the person who receives the policy payout.
Please note, the policy will not apply to injuries that employees sustain on the job.
If you have a higher likelihood of filing a general liability insurance claim, then you might cost the insurer a lot of money. As a result of the cost risk, the insurer might have to charge you a higher premium.
Some of the risks that might impact your premiums include:
- The size of your business
- Industry liability risks
- What coverage limits and extensions you choose
- Your location
To help them save on costs, many business owners buy their general liability insurance as part of a business owners policy (BOP). BOPs offer general liability coverage and several other types of essential commercial insurance in one package. They usually provide optimized coverage and costs for small business owners.
Those who don’t qualify for BOPs, however, can often still bundle their coverage through a commercial package policy (CPP) and receive certain financial benefits.