Call Us (770) 452-6646 ☰ ˟
  Logo
Call Us: (770) 452-6646
  • Home
  • Get a Quote
    • Automobile
    • Bonds
    • Business & Commercial
    • Commercial Auto
    • Commercial Property
    • Farm
    • General Liability
    • Health
    • Homeowners
    • Life
    • Professional Liability
    • Recreational Vehicle
    • Workers Compensation
  • Products
    • Automobile
    • Bonds
    • Business & Commercial
    • Commercial Auto
    • Commercial Property
    • Farm
    • General Liability
    • Cyber Liability Insurance
    • Health
    • Homeowners
    • Life
    • Professional LiabilityImage of right arrow
      • Professional Liability in Dunwoody, Georgia
    • Recreational Vehicle
    • Workers Compensation
  • Blog
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Atlantic International Company of Georgia
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Icon

Auto & Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Icon

Farm & Ranch

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Icon

Recreational

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > Why Do Businesses Need General Liability Insurance??
TUESDAY, AUGUST 25, 2020

Why Do Businesses Need General Liability Insurance??

General liability insurance provides coverage against a range of common lawsuits that a business may face during its normal operation. 

 

The majority of businesses fail within the first 5 years of operation due to a lack of funds. A single lawsuit could drain a business’ assets, especially newer businesses that don’t have enough savings to fall back on. A general liability insurance policy can help provide cushion for businesses in the face of a lawsuit. a close up of an accident report claim document

 

What Does General Liability Insurance Cover? 

General liability insurance covers three main areas: 

  • Bodily injury provides compensation for medical expenses to people that are injured on the business property. 

  • Property damage covers expenses related to property damage caused by everyday business operations. 

  • Personal and advertising injury covers expenses related to lawsuits concerning libel, slander, copyright infringement, invasion of privacy, false arrest, malicious prosecution and more. 

 

Each of these coverages provide compensation to the business for legal fees such as defense costs and settlement expenses. Some businesses need higher limits of liability than offered by their policy. General liability insurance can be enhanced by an umbrella liability insurance policy. Umbrella liability insurance fills in the gaps left over by your other liability policies. For example, say your business’ liability insurance caps at $1 million and a lawsuit ends up costing over $2 million. An umbrella liability insurance policy will step in once your general liability caps to pay for the remaining balance. This policy can also apply to other liability policies. 

 

Who Needs General Liability Insurance? 

Essentially every business needs general liability. Whether you’re an independent contractor, restaurant owner, or auto dealer, you will face accidents that could result in a devastating lawsuit. 

General liability insurance is also often required for certain professionals to obtain certain licenses in order to operate. Lenders and investors may also require businesses to purchase and maintain general liability insurance in order to protect their interest. 

 

How Much is General Liability Insurance? 

The cost of general liability insurance varies depending on a variety of factors, including: 

  • Location 

  • Industry 

  • Size of the business 

  • Coverage limits 

  • Claims history 

  • Credit score 

Industries or businesses with a long history of general liability claims will typically pay more for general liability insurance. On average, a business may pay around $42 a month, or $500 a year, for general liability depending on the above factors. 

Posted 1:00 PM

Tags: small business insurance, general liability insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • business(12)
  • insurance(12)
  • coverage(11)
  • commercial(9)
  • policy(7)
  • liability(6)
  • owners(5)
  • bop(5)
  • cyber(4)
  • errors(3)
  • auto insurance(2)
  • omissions(2)
  • accident(2)
  • life insurance(2)
  • general liability insurance(2)
  • professional(2)
  • car(2)
  • security(2)
  • commercial auto insurance(2)
  • auto(2)
  • workers compensation(1)
  • belongings(1)
  • small(1)
  • professional liability insurance(1)
  • property(1)
  • life insurance policy(1)
  • business owners policy(1)
  • home insurance(1)
  • builders risk insurance(1)
  • car insurance(1)
  • vehicle insurance(1)
  • mistakes(1)
  • ommisions(1)
  • small business insurance(1)
  • renters(1)
  • home(1)

View Mobile Version

Contact Us Today!
(770) 452-6646

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

7 Dunwoody Park Dr Suite 121
Atlanta, GA 30338

Ph: (770) 452-6646 | Fx: (770) 452-6632 | E:info@aicga.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder
Atlantic International Company of Georgia BBB Business Review