What are the benefits of General Liability Insurance?

Discussion in 'Growing and Managing a Business' started by Cristofer, Jan 4, 2012.

  1. Cristofer

    Cristofer
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    Businesses can really help protect themselves by purchasing a general liablility policy.

    Bodily Injury Liability Coverage: Helps protect you in case injuries occur to other people resulting from your business operation
    Property Damage Liability Coverage: Protection in case damage occurs to the property of others
    Personal Injury Liability coverage: Helps protect you for offenses such as false arrest, libel, slander, and wrongful entry
    Advertising Injury Liability Coverage: Helps cover your legal liability for a variety of offenses arising out of the advertising of your business’s goods and services.
     
  2. rlhealthcare

    rlhealthcare
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    Hello,
    Thanks for sharing information about Insurance because many people are not aware of this things.Really good.
     
  3. TimReed

    TimReed
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    Hiscox offers general liability insurance, also called commercial general liability insurance, which protects your business from third party claims for bodily injury, associated medical costs and damage to someone else’s property
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  4. foxgeorge

    foxgeorge
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    If you get general liability insurance then you can save your medical costs. Lorn Austin has designed his Concierge Medicine model in such way that Physicians with the Hybrid model can only accept 200 patients maximum from the current practice when they choose to join MedicusMD.
     
  5. Casey

    Casey
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    thanks for enlighting me on this topic...
     
  6. AshleyWhiteBusin

    AshleyWhiteBusin
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    Liability insurance in business terms helps to protect the insured business against legal claims and actions. These claims can be far and wide and can cover a multitude of things can that arise out of nowhere. If a restaurant owner has a customer sue the restaurant because someone became sick after eating at the restaurant, general liability insurance will cover legal fees and will also pay up to a certain amount in a settlement if the restaurant is found at fault.
     
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  7. Richard Thompson

    Richard Thompson
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    I want to add my views and thoughts to your post. General liability insurance covers up to the policy limit. Any judgment against the business which exceeds the policy limits is the responsibility of the business. It also does not cover any form of punitive damages. General liability typically only covers personal injury and property damage,

    Professional liability insurance covers a business when there is a financial loss incurred by the client by a licensed professional's services. If the business employs positions that require state licensing, professional liability insurance is often required by law. Professional liability insurance also only covers losses when the policy is active. So for instance if you cancel the policy and someone files a claim for an action that occurred when the policy was active, the insurance will still not cover it.

    These two concepts are like comparing apples and oranges. It's not that one is necessarily better than the other, rather more applicable depending upon the policy holder's needs.

    -Rick
     
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