The level of risk your company is exposed to.There are many factors that depend upon the cost of liability protection. This makes the general liability insurance cost much less than budget-breaking amounts you might have to pay out for defense and settlements in the event of a lawsuit. In general, annual premiums for business liability policies range from $750 to $2,500, depending upon your line of business and your coverage needs. These types of protection may not seem to matter at the moment, but when you need them, they become vital components in guarding your business’ very survival. Ideas and expression Commercial general business liability also covers claims of misleading or false advertising as well as charges of libel, slander, and copyright infringement.Ĭarrying business insurance is a best practice.Rented property damage If you rent a property and inadvertently cause damage to it, such as a fire or other covered losses, this coverage protects you from liability as a tenant.If you have a general liability policy, these expenses, which can be huge, do not have to come out of your pocket. Such settlements and awards typically include compensation, nonmonetary losses of the plaintiff, and punitive damages. Lawsuit costs Should you be sued, this type of coverage pays for your legal defense costs and any settlement or award should the plaintiff win the suit.There also are several other ways this type of insurance covers your business assets. © 2023 Answer Financial Inc., part of The Allstate Corporation.What is general liability insurance coverage? Liability protection, also known as commercial general business liability, guards a company’s assets and pays for obligations such as medical costs should someone get hurt on your property, or when there are property damages or you or one of your employees accidentally injure someone while working. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 1-88 for assistance.
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QUICK QUOTES GENERAL LIABILITY LICENSE
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