What does general liability insurance policy cover?
General liability policy addresses three different categories of liability:
Personal and advertising injury
General liability insurance comes in to play when your company causes bodily harm damages or to property belonging to a customer or other celebration.
As an example, if you are a house inspector and through a run-through of this kitchen, you chance to knock an expensive decorative decoration, this could fall under the property damage policy of general liability insuranceplan. Your insurance company could cover the costs of replacing or repairing the decoration.
General liability insurance also covers bodily injuries suffered by other people while doing business with your company.
As an example, if a customer enters your property company’s offices and, on the exit, excursions over an unfortunately-placed computer cable, general liability policy would protect you. Should the customer decide to sue your company for the expenses of the medical expenses, then your company could be covered by your insurance company. Being insured is particularly important when considering that these prices can go well beyond paying for a straightforward medical trip, extending into, state, income dropped from being not able to work, monetary compensation for pain and distress, and, in most cases more serious compared excursions, even funeral expenses.
General liability may also extend to private and advertising-related damages brought on by your company. Malicious prosecution, libel, slander, false arrest, wrongful entry, wrongful eviction, copyright infringement, and books that violate personal privacy are a few examples of where this kind of policy would get involved.
As an example, if your company offers damaging information regarding a competing company to a local paper, but it is later shown to not be authentic, your insurance will cover the consequent libel lawsuit you possibly face.
Deductible and Restrict Insurance
General liability policy is exceptional, in that programs often come with no deductible. This implies for your company is your insurance company will pay for the full expenses of any potential claims you submit, up to the limit of your strategy to the coverage year.
While overall liability does cover several possible unforeseen issues that might crop up within the course of your doing business, there are a few usual exceptions that aren’t covered under those programs. For example, harm to company-owned or rented property isn’t included. Other exceptions include but are not Limited to:
Liability Caused by intentional lawbreaking
Employee discrimination suits
Vehicles used for business functions