General Liability Insurance
Your business must account for many risks and exposures that could threaten its financial standing and future prospects. Incidents that impact other parties may be particularly threatening, as your organization could be found responsible for their losses and forced to provide compensation. Having adequate general liability insurance can make all the difference in these situations.
How Does General Liability Insurance Protect My Business?
General liability insurance can provide critical financial assistance if you are involved in incidents that affect third parties, such as customers, vendors, guests and passersby. These policies function similarly to many other types of coverage by establishing a binding contract between you and your insurance company. By paying your regular (e.g., monthly) premiums, you can retain access to funds and resources to limit out-of-pocket losses that might otherwise devastate your company.
What Does General Liability Insurance Cover?
Although the exact capabilities and limitations of your general liability insurance may vary, these policies can typically help you respond to the following types of incidents:
- Bodily injury—If your business is responsible for another party’s injuries, this coverage may help pay their medical bills and other financial losses.
- Property damage—This component of your policy can provide financial assistance for repair or replacement costs if you are at fault for damaging someone else’s property.
- Personal and advertising injury—This coverage may help pay for expenses and losses arising from personal and advertising injuries affecting third parties, such as slander, libel and copyright infringement.
What Are the Typical Costs of General Liability Insurance?
Like many types of insurance, the cost of adequate general liability coverage may vary depending on your circumstances. When determining your insurance needs and quoting you a price, insurance companies may consider the following criteria:
- Number of employees
- Assets and revenue
- Prior claims history
- Policy details (e.g., coverage limits and deductibles)
Get the Right Coverage
At Paramount Insurance & Multiservice, our knowledgeable professionals are dedicated to helping businesses, families and individuals secure optimal coverage solutions. We will work with you to analyze your circumstances, identify available options and assemble ideal policies. Contact us today to get started.