General liability insurance covers a lot of basic accidents and claims that may affect your business. It typically covers three main areas:
1. Bodily injury
2. Property damage
3. Personal and advertising injury
Additionally, general liability insurance includes coverage for medical payments for an injured party as well as legal fees your business may face during a lawsuit.
Unfortunately, general liability insurance doesn’t cover everything. That’s why it’s important to be aware of your general liability policy’s limitations—so that you can protect your business with the proper coverage.
General Liability Insurance Exclusions
Claims and accidents not included under general liability insurance include:
Nothing is worse than believing you have protection in a certain area when you actually don’t. Speak with your insurance agent to learn about your potential coverage gaps and how you can reduce your liability with additional coverage.
How to Enhance Your General Liability Policy
Fortunately, there are ways to enhance your general liability insurance or your liability coverage for more substantial protection against lawsuits and related accidents.
Bundling general liability with other coverage can save you money and allow you to add more protection for your business. A business owner’s policy is a policy for small businesses that combines general liability and commercial property insurance into a single flexible policy.
You can also expand your general liability insurance policy with an umbrella liability insurance policy. This policy fills in the gaps left by your general liability and other liability policies. If your general liability insurance reaches its limit for a single claim, umbrella liability can cover the remaining expenses.
Additional liability coverage includes:
Product Liability—Product liability covers bodily injury or property damage that may arise due to the products sold or manufactured by your business.
Cyber Liability—Cyber liability insurance covers expenses related to electronically stored information. If your business’ information is breached, this insurance can help with recovery, notification costs and other expenses.
Directors and Officers (D&O)—Directors and officers insurance covers the key employees of your business in case of claims related to their actions under your employment. This may include employment practices liability, which covers claims regarding sexual harassment, discrimination and more.
Your insurance agent is your best resource for determining the right coverage for your unique business needs. Reach out today to learn more.