General liability insurance (GL), also known as business liability insurance and commercial general liability insurance, helps protect your business from claims of bodily injury and property damage. These types of claims can happen during normal business operations. Without proper insurance coverage, you’d have to pay for those damages out of pocket.
General Liability Insurance
Who needs General Liability Insurance
Many small business owners are likely to encounter a general liability or property claim within the next decade. Claims range from unexpected incidents, such as a burglary, to unforeseen accidents, like a customer getting hurt after slipping and falling.
Many small business owners are likely to encounter a general liability or property claim within the next decade. Claims range from unexpected incidents, such as a burglary, to unforeseen accidents, like a customer getting hurt after slipping and falling.
Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it is often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:
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Construction
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Carpenter
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Plumber
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Electrician
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Landscaper
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Painter
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Handyman
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Heating & Air
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Masonry
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And More!
It’s always good to have insurance in case of accidents, even if it isn’t required contractually.
What Does General Liability Insurance Protect?
General liability insurance helps cover your costs of claims that if your company caused bodily injury or property damage. It can assist in paying for:
Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it is often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:
- A customer or client’s medical expenses if they slip and fall in your business
- Repair costs to fix a wall that your employee accidentally damaged while working at a customer’s home
- Legal costs to defend your business in a lawsuit
- Judgments and settlements from a customer or client’s lawsuit
General liability insurance can help cover claims of:
Bodily injury or property damage that your business causes.
Harm resulting from malicious prosecution, slander, libel, wrongful eviction, violating a person’s privacy and more.
Advertising injuries, such as copyright right infringement from your business’ ads.
Medical costs if your customer or client hurts themselves while visiting your business.
Damage to rented property caused by a covered loss such as fire, lightning, or explosion.
It’s always good to have insurance in case of accidents, even if it isn’t required contractually.
How much does it cost?
One of the most significant factors that affects your contractors insurance rate is the type of work that’s involved in your specific trade. For example, roofing contractor are exposed to more risks that an HVAC technician isn’t, and vice versa.
Other things that affect the cost of contractors insurance are employees, coverage needs, vehicles, location and claims history.
At Coral Point Insurance we specialize in customizing your quote to match your specific business needs which allows us guarantee you the most accurate quote, with the best coverage at the greatest rate.
Basic Coverages
- General Liability (GL): often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. Typically needed before a contractor can begin work on a job
- Commercial Auto: Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. You have the choice to cover attached equipment such as ladder racks and permanently attached tool boxes. Individual tools and materials usually aren’t covered under this policy.
Other coverages contractors might need
- Business Owners Policy (BOP): Packages contractors liability and coverage for personal property and commercial buildings into one policy.
- Workers’ Compensation: Protects if your employees become ill or injured while at work.