Business liability insurance is a type of coverage that provides crucial protection against the high cost of lawsuits. It also helps business owners obtain leases and contracts. General liability insurance protects a company against claims for bodily injury and property damage from customers and customers. These types of claims can be the result of your company's products, services, or operations.
Without general liability insurance, you could end up paying for your company's revenues and, in the worst case scenario, even file for bankruptcy. The cost of general liability insurance coverage varies depending on the size of the business, your industry, your location, and the amount of coverage you need. Get Forbes Advisor ratings on the best insurance companies and useful information on how to find the best travel, auto, home, health, life, pet and small business coverage that fits your needs. It bundles general liability insurance together with commercial property insurance and business interruption insurance (also known as business income insurance).
Business liability insurance provides protection when a business is held responsible for damage or loss to another person's property. Most small business owners qualify for a business owners policy (BOP), which combines general liability insurance with commercial property insurance at a discount. General liability insurance is a basic type of coverage for any small business insurance policy, but it's only part of the solution to the multitude of problems that could affect your business financially. A business owners policy is a convenient and cost-effective way to combine general liability insurance and commercial property insurance.
A general liability policy covers the most common liability risks, but business owners should also consider other coverages. You may need additional types of liability insurance for your small business to cover any gaps in coverage.
