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If you decide to have a small- to medium-sized business, you’re aware that all the time you open the doors you expose yourself to a myriad of possible liabilities. Regardless of how careful and conscientious you are, it’s simply not feasible to arrange for every conceivable scenario that can appear in the course of routine operations. Couple this simple fact of life together with the litigious world we are living in, and defending your financial assets with adequate general liability insurance becomes vital.

Who Should Have It

General liability insurance (often known as commercial general liability or CGL) is essential for everybody who is operating an exciting new business, or who may be concerned about better safeguarding a current one against litigation. Regardless of if your venture is a retail store, office space, mobile site, or on the net, a CGL protects your valuable assets if ever you may be sued.

Precisely What It Covers

Not only is it the most-popular type of protection for small business owners, general liability insurance is additionally among the most all-encompassing. The policy covers any legal costs associated with a covered liability claim filed against the insured, along with any general or compensatory damages (punitive damages are not included, however) that may be granted to the plaintiff.

There are typically three different kinds of claims paid by CGL, although a fourth (including “advertising injury” as a result of intellectual property infringement, libel, and slander) might also be built into some policies. The three different types of claims covered by all general liability policies are:

* Personal injuries as a consequence of any action or negligence on the part of you and your employees * Bodily injuries sustained by customers, employees, vendors, and visitors while they were on the premises of your workplace * Property damage resulting from the actions or negligence of you or your employees

How Much It Covers

General liability insurance policies cover insured claims up to a maximum amount during the policy period. Because many business owners desire supplemental coverage of their properties and assets beyond the total amount protected by their policy, umbrella policies (which provide protection for amounts past the policy limit, and provide coverage for the gaps in the plan) will often be added onto active coverage policies. Obviously, as is true with any insurance plan, the total amount insured is flexible depending on your particular business’ profile.

What It Costs

A GCL insurance policy may cost anywhere from a few hundred to several thousand dollars annually, dependent upon the type and size of business you own. Deciding exactly how much coverage you should have and, consequently, exactly how much it’ll cost you, calls for an assessment of the amount of risk associated with your enterprise, the area in which your business operates, and any other factors relevant to your particular case.

Before you buy insurance for your business, be sure to visit Darin Mendanor’s site on general liability insurance, where you’ll find valuable information on liability insurance for small business that you can’t afford to be without.