THURSDAY, MAY 20, 2021
Although state and federal governments do not require general liability insurance in most cases, you may still be required to carry this insurance to work in certain industries or obtain certain licenses. You should understand the ins and outs of your industry, as well as specific requirements for contracts, before making a decision on which content to carry.
Let’s take a closer look at this benefit, and why you need to have the most tailored benefit: 
What Does General Liability Insurance Cover?
General liability insurance covers basic accidents and claims concerning third-party:
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Bodily Injury: Bodily injury coverage under general liability insurance covers injuries someone (I.e a client or vendor) may suffer on the business’ property. This can cover the medical bills a victim may face, as well as protecting the business from lawsuit expenses if one arises as a result of the injury.
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Property Damage: Property damage coverage for general liability insurance covers property repairs and replacement in case a third party’s property is damaged or destroyed.
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Personal and Advertising Injury: Personal and advertising injury benefits covers less physical damages, such as claims concerning libel, slander, malicious persecution, theft of an advertising idea, copyright infringement and more.
All in all, your policy will be provided to allow you to navigate the choppy waters that might develop out of your mistakes that cause a customer harm. Therefore, your benefits will go a long way towards reducing your own strain in the face of mistakes that you might never have expected to occur.
What Does General Liability Insurance Not Cover?
Unfortunately, general liability insurance will not cover everything. There are certain accidents and lawsuits that are excluded from general liability benefits, and must be covered under separate types of liability benefits. It will not cover claims regarding:
There are many types of liability insurance policies that you can add to a package policy tailored for your business. These might include:
While these additional benefits may or may not be required, it is important to have the right amount of insurance to protect your business’ assets, regardless. Umbrella liability insurance, for example, is not required but serves to fill in the gaps left by your other liability insurance policies.
Ask an insurance agent about bundling general liability insurance with other important coverages. You can even bundle general liability with commercial property insurance in a business owners policy to protect your business’ assets.
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