General Liability Insurance
General Liability Insurance Information
- A business owner faces many risks, some of which could damage the company’s financial livelihood. An accident, injury or property damage can make a business’s operations and employees vulnerable to lawsuits and accident-related expenses. General or commercial general liability insurance (CGL) can protect a company’s financial livelihood.
What Is General Liability Insurance?
You can think of general liability insurance as a financial safety net, which may cover lawsuits and accidents related to non-professional negligent acts. General liability coverage is essential if you’re liable for property damage, bodily injury, or personal and advertising injury caused by your services, business operations or employees.
A CGL policy may protect you and your business from various liabilities with these coverages:
- Third-party bodily injury may cover physical injuries suffered by third parties on your premises from your business’s operations.
- Third-party property damage may cover damage to tangible property and cover its loss of use if you’re liable for damage to someone else’s property.
- Personal and advertising injury liability might cover offenses made by your employees, such as copyright infringement, slander, libel or malicious prosecution.
Is General Liability Insurance Required?
General liability insurance may cover common third-party risks, including customer injuries. Although this insurance isn’t required by law, many commercial leases require this coverage. We can help determine if your business must carry this type of policy.
How Much General Liability Insurance Do I Need?
Business coverage limits vary from company to company. Your business’s coverage limits depend on your industry, location and operational risk. You must have the right amount of coverage since you’re responsible for any remaining costs once you’ve reached your policy’s coverage limit.
Protect Your Business’s Operations
General liability insurance can give you peace of mind knowing your company has the protection it needs if something unfortunate happens. Call Omega Insurance Agency at 908-355-8765 to get started on your general liability insurance policy.