General Liability Insurance
General Liability Insurance Information
- General liability insurance is essential to help protect your business from financial losses. If your business is held legally responsible for causing third-party harm, your general liability policy may help pay for associated costs. Without general liability coverage, you could be liable for covering all legal fees, medical bills and other expenses out of pocket. Contact Suburban General Insurance Agency in Fair Lawn, New Jersey, to learn more about general liability coverage.
What Does General Liability Insurance Cover?
Policy details may vary with your insurer. Typically, a general liability insurance policy will help cover losses arising from allegations that you caused third-party bodily, personal or advertising injury or third-party property damage. The following are examples of standard general liability insurance coverages that may be included in your policy:
- Property damage liability can help pay for damage your business causes to third-party property.
- Personal and advertising injury liability can help cover your legal fees and other expenses if you’re held legally liable for publishing false or misleading statements, using stolen advertising ideas or causing personal injury.
- Bodily injury liability can help cover expenses arising from any physical injuries your business is accused of causing to third parties.
- Medical payments coverage (MedPay) can provide financial assistance with medical bills arising from nonemployee injuries on your premises or injuries caused by your business operations.
Review your policy or contact Suburban General Insurance Agency for more information on general liability coverages.
How Much General Liability Insurance Do I Need?
Although not required by law for most businesses, general liability insurance is recommended to help protect against financial hardship. The exact amount of coverage your business needs will vary, and policies can typically be customized to fit your level of risk. Often, insurers provide general liability policies with a $1 million limit for small businesses, but greater coverage limits may be available.
How Much Does General Liability Cost for Small Businesses?
Your insurance company will likely factor in several important considerations about your company’s size and how you do business before determining the cost of your general liability insurance premiums. Generally, smaller businesses will pay less for coverage than businesses with larger footprints.
The following are some key factors that could affect your rates:
- Policy details (e.g., coverage limits and deductibles)
The agents at Suburban General Insurance Agency can help you understand your general liability insurance needs. Contact us today for a free insurance quote and let us answer your insurance questions.