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What Is General Liability Insurance?
General liability insurance (GLI), sometimes called business liability insurance and commercial general liability insurance, helps protect your business from claims of bodily injury and property damage. These kinds of claims can come up during normal business operations. Without coverage, you’d have to pay for damages out of pocket.
Who Needs General Liability Insurance?
Four out of 10 small business owners are likely to experience a property or general liability claim in the next 10 years.1 Claims range from unexpected incidents, like a burglary, to unforeseen accidents, such as a customer getting injured after slipping and falling.
How Much Does General Liability Insurance Cost?
Your general liability insurance cost depends on several factors.
One factor is your type of business. Companies in higher risk industries pay a higher cost compared to lower risk businesses. For example, construction companies are likely charged a higher rate than consulting companies. Other factors that can affect your general liability insurance cost include your company’s:
- Years of experience
- Location
- Size
- Building condition
- Policy details, like coverage limits and deductibles
- Insurance claims history2
The best way to find out your business’ specific cost is to get a quote. You can tailor your policy to fit your specific needs. Get a quote today to find out how to get liability insurance to protect your business.
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Why Do You Need General Liability Insurance?
Many business owners wonder why they need general liability insurance. The answer is simple. As a small business owner, this insurance helps protect you from costly liability claims. It can help you if a claim comes up during common business situations, such as:
- You or your employees representing a client
- Meeting with clients face to face
- Working on or with another person’s property
- Using third-party locations for business activities
- Advertising your business
You may also need this coverage if you have clients that request it. Many clients want to confirm you have this coverage before they sign a contract with your business. You can prove you have general liability insurance with a certificate of insurance.
Is General Liability Business Insurance Required by Law?
State laws don’t usually require business owners to carry general liability insurance. But, it’s still a good idea to have this coverage. If a customer sues your business and you don’t have coverage, it can put your business’ finances and your personal assets at risk.
It’s important to understand your state’s insurance laws. Work with a local insurance agency or our dedicated small business insurance team who can help you make the right decisions when choosing business liability insurance.
Get Added Coverage With Professional and Limited Liability Insurance
You can extend your business’ liability coverage with limited liability insurance and professional liability insurance.
Forming a limited liability company (LLC) separates your personal assets from your business. However, you’re still exposed to liability claims that can put your business at financial risk. A limited liability insurance policy can help protect your LLC and cover claims that your business caused bodily injury or property damage.
A professional liability insurance policy helps protect your business if you’re sued for a mistake in the professional services you’ve provided. This coverage is also known as errors and omissions (E&O) insurance.
What Are Complex Liability Solutions?
Our complex liability solutions help protect businesses that are vulnerable to higher-hazard liabilities, such as:
- Manufacturers
- Wholesaler-Distributors
- Importers
As a top multinational carrier, we handle catastrophic exposures every day. We’ll work with you to lessen the impact to your business when you have a claim.
Ready to Tailor Your Business Insurance?
Our specialists are here to help ensure you have the right kind of business insurance, tailored to your company’s unique needs.
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Other Business Coverages
The Hartford offers insurance coverages for companies large and small.
1 According to The Hartford’s analysis of five years of small business claims from more than 1 million Hartford Business Owner’s policies.
2 Only in certain cases.
Additional disclosures below.