General liability insurance can be purchased as a stand-alone policy or as part of a business owners policy. It is probably one of the most important policies you can buy to protect your company against serious financial risk or bankruptcy due to a lawsuit.
General liability insurance will cover your company in case it is sued by employees or third parties (such as customers, vendors or visitors to your premises) for claims that happen as a result of normal business operations. This includes:
- Bodily injuries that occur at your premises.
- Bodily injuries sustained as a result of the actions or negligence of one of your employees, or your product or services.
- Property damage caused by your employees or one of your products or services.
- Advertising injury (damage from slander or false advertising).
The policy would pay for:
- Costs of damage
- Judgments, and
- Legal fees and other court costs.
Rates will vary depending on your company’s and its industry’s exposure to risk. Leaders Choice has access to a number of insurance companies, some of which may specialize in your specific industry, which will often yield lower rates.