Hey there! Ever wondered about that thing called General Liability Insurance (GLI)? Well, it’s like a safety net for your business, swooping in to cover the costs when things don’t go as planned.
What exactly is GLI?
Consider it as a defence against allegations that your company caused harm or property damage. While others refer to it as commercial general liability insurance or business liability insurance, for the sake of this discussion we’ll use GLI. It is available separately or combined with other necessary policies to form a Business Owner’s Policy (BOP).
Let’s now discuss the real coverage that GLI provides. Imagine this: a client trips and falls in your shop, and all of a sudden you are in legal hot water. Their medical expenditures are taken care of by GLI; a crisis is avoided. Moreover, GLI will cover the expenses of any repairs or replacements if you unintentionally damage someone else’s property while working there.
But wait—there’s more! GLI encompasses more than simply tangibles. If someone chooses to sue your company for something you’ve said or done—such as libel or copyright infringement in your advertisements—it will immediately go into effect.
It’s crucial to understand what GLI does not cover, though. Do your staff have any work-related injuries? Nope, it is the role played by workers’ compensation. harm to the assets you hold for your business? That’s covered by commercial property insurance. Errors in the expert services you provide? Expert liability protection to the fore.
And what do you know? There are pals with liability insurance as well! Employment practices liability insurance covers legal fees and settlements if an employee throws you a curveball in the legal system, while commercial umbrella insurance provides further protection for those costly claims.
You may wonder, why bother with GLI. It appears that liability suits are quite frequent and expensive. Did you know that in the next ten years, 4 out of 10 small enterprises would probably be the target of a liability claim? Ouch! You would be responsible for paying for accidents without GLI, and we can assure you that this may mount up quickly.
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Moreover, some companies won’t even look twice at you if you can’t provide them evidence of insurance. Present the insurance certificate, which is your pass to working together.
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Are you curious in what GLI can achieve for your particular company? We can work with you to customise your insurance so that it fits perfectly. With more than 200 years of experience and a proven track record of assisting millions of small companies, we have the know-how to have your back.