General liability insurance is essential for any business owner. This type of policy protects your company from third-party claims related to property, personal and advertising injury, as well as suit liability. General liability insurance covers a wide range of potential liabilities that can be very costly if not addressed with the right policy. Keep reading to learn more about how general liability insurance works, what it covers and how you can find the best policy for your business.
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What is Small Business General Liability Insurance?
Small business general liability insurance can protect your company from lawsuits. A general liability policy typically covers third-party claims related to property, personal injury, advertising injury and suit liability.
You can buy a small business general liability insurance policy that covers the costs of claims, even those related to business interruption or advertising injury. You can also add coverage for advertising injury liability if your company has outdoor advertising like billboards or signs.
General liability insurance protects your business against losses due to accidents involving employees, customers and other parties. This coverage can extend to lawsuits for the corporation, as well as injury claims brought by an employee of your store.
What are the Benefits of Small Business General Liability Insurance?
Large corporations, especially in business and professional fields, are often exposed to large sums of damages from lawsuits. This is due to their size and higher negligence when performing their job.
The insurance coverage ensures that in the event a lawsuit is filed against you and your company for damages, you don’t have to pay all of your legal fees and costs. It also provides protection in case someone unfamiliar with your company takes actions that result in harm to others or your property as accidental injuries or property damage are possible. It can save you time, including any delays while pursuing a claim, which can add up over time if you take on too many lawsuits at once.
General Liability Insurance coverage goes a long way in protecting your small business, especially if you are opening a new location or hiring new employees. While most businesses have standard insurance policies, some businesses want to take extra steps to protect themselves from business-related accidents.
The purpose of small business general liability insurance is to protect your business from unknown claims and lawsuits, while minimizing risk exposure. Small businesses are more likely to be subject to lawsuits than larger companies, so it’s important to take every precaution. This includes purchasing small business general liability insurance for yourself or for the company that you own.
What are the Costs of Small Business General Liability Insurance?
The costs of small business general liability insurance can vary widely. The cost depends on what coverage you choose, you deductible and your premium. If you don’t have enough to cover the losses your business experiences, a lawsuit or judgment could result in financial ruin.
The cost of small business general liability insurance varies depending on a number of factors. For instance, your personal data and the size of your small business will impact the amount you pay and what choices are available to you. Premiums typically range from $200-$700 per year.
Small business general liability insurance costs are usually higher than those for large corporations. They depend upon the coverage and deductible chosen but can range anywhere from $1 million to more than $2 million. The average cost of small general liability insurance for businesses with an annual net worth of fewer than one million dollars is about $500.
General liability insurance is important to small businesses, because they may experience damage or loss caused by accidents or injuries.
Who Sells the Most Reliable Liability Insurance?
Top 5 Best General Liability Insurance Companies for Small Business.
There are so many options when it comes to obtaining the right small business insurance quickly in the United States. It may surprise you that your only option could be a company that is not an insurance agent and does not work for one of the major companies, such as Chubb or Liberty Mutual. What if we told you that there are actually dozens of companies out there that offer a wide array of policies for small businesses? This guide will tell you which companies rank high on consumer satisfaction and premium value, according to independent surveys. Whether you are looking for an individual policy, a group policy, or a policy to cover your business, these companies can help you find a policy that is right for you. These are just the top five companies and we’ll take a look at a couple more at the end of this page. If you need a quote, make sure to read the company reviews first!
The Top Five Companies to Choose From
1. Safeguard Insurance Company
If you’re looking for individual insurance, Safeguard can be a great option. This company has a simple-to-use website that allows you to apply online and check your rates at your leisure. If you do need to speak with a representative, you can do so by calling them over the phone or chatting with them through their website. All Safeguard policies are available nationwide and are rated highly. Some of the many policies available include Property Damage Liability, Auto Liability, Business Liability, Workers’ Compensation, and Auto Fire and Theft.
2. American Protection Insurance
This is the first company that is specifically focused on insurance for small businesses, but it is also a big player in the small business insurance space. If you are looking for a group policy, they offer that too. With their site, you can apply online and see all the different options at once. They are a great option if you’re in the process of starting up a new business and need to look into the insurance process right away. American Protection Insurance is one of the few insurance companies that offer property loss coverage for commercial buildings and structures. This coverage can be a big help when you want to renovate or expand your business. They also offer insurance for the loss or damage of personal property. For a quote, call them over the phone or visit their site.
3. National General Insurance
If you are looking for individual small business insurance, National General can be a great choice. They are also one of the few companies that offer property damage coverage for commercial property. They offer coverage for a commercial building or its contents, depending on what you want. If you’re looking for a group policy, National General can get you that as well. They have an easy-to-use website where you can find your rates and apply online. Call them to find out more about the options and how to purchase a policy. They offer small business insurance to individuals, small businesses, and larger businesses.
4. Chubb Insurance
If you’re looking for a comprehensive policy, Chubb can be a good option. Chubb insurance offers a wide array of coverage for a small business that will cover risks and liabilities that may result in injury or property loss. They offer coverage for employees, contractors, and patrons and they offer coverages for a large number of businesses. This company is the only company listed that offers a comprehensive general liability (CGL) policy, so if you are looking for that, they are a great choice. They have a user-friendly website where you can quickly look up your rates and apply. If you have any questions about the coverage and policy options, they are easy to reach by phone or chat.
5. The Insurance Place
This is a company that is owned by Chubb Insurance. It’s another small business insurance company, but they also specialize in business interruption insurance. So if you are starting up a business and you want to protect the income from your business during a period of downtime, The Insurance Place can be a great choice. This company has a website where you can find your rates and apply online. They also offer an option for group insurance so you can take advantage of group discounts. They can also help you get a commercial property policy if you are unsure about what your liability exposure is.
We Hope, you’ll never need to utilise your commercial insurance. General liability insurance is essential for protecting your company against negligence lawsuits. Some commercial insurance firms specialise in particular industries, such as retail, restaurants, or technology. Other businesses specialise in certain forms of coverage, such as commercial car or workers’ compensation. Service varies from company to insurer, from submitting a claim to receiving support from your agent or adjuster.
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