Business Insurance

What is business liability insurance?

General Liability (GL) insurance, sometimes called small business liability insurance or commercial liability insurance, provides insurance coverage for your business against claims made by others including bodily injury, damage to property, or personal injury.

Why do I need General Liability Insurance?

As a small business owner, you may be legally responsible if another person gets hurt or if their property is damaged while at your business or because of something you did. Make sure your business is properly protected against risks.

You should consider general liability insurance coverage if you or your employees:

Interact with clients face to face

If you visit a client’s place of work, or clients visit yours, there is always the possibility someone could get hurt and require medical treatment.

Have access to customer’s property

If a customer’s property is damaged at your location or at a job site, general liability insurance could cover the cost to repair or replace it.

Use advertising to market your company

If you promote your company and accidentally use wording that is under copyright or trademark, general liability insurance could cover you if a claim occurs.

Use third-party locations for business related activities

If someone (other than you or an employee) is injured on a job site where you are responsible, general liability insurance could cover their medical costs.

Require coverage in order to be considered for a project

If you propose or bid on certain contracts, liability insurance could be a condition of the contract award.

   

Six common types of business insurance

After you purchase insurance that's required by law, you can find insurance to cover any other business risk. As a general rule, you should insure against things you wouldn’t be able to pay for on your own.

Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you. Here are six common kinds of business insurance to look for:

Insurance type Who it's for What it does
General liability insurance
Any business
This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.
Product liability insurance
Businesses that manufacture, wholesale, distribute, and retail a product
This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm.
Professional liability insurance
Businesses that provide services to customers
This coverage protects against financial loss as a result of malpractice, errors, and negligence.
Commercial property insurance
Businesses with a significant amount of property and physical assets
This coverage protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.
Home-based business insurance
Businesses that are run out of the owner’s personal home
Coverage that’s added to homeowner’s insurance as a rider can offer protection for a small amount of business equipment and liability coverage for third-party injuries.
Business owner’s policy
Most small business owners, but especially home-based business owners
A business owner’s policy is an insurance package that combines all of the typical coverage options into one bundle. They simplify the insurance buying process and can save you money.