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What is general liability insurance?
General liability insurance is also known as commercial general liability. Every business should have this type of insurance because it offers a wide range of benefits. Under a commercial general liability, the following are covered:
- Administrative costs to handle any covered claims
- The cost of a property damage claim against your business
- Settlements, judgments, and court costs for all covered claims
- Medical expenses in case someone is injured on your business premises
What does general liability insurance cover?
Usually, a commercial general liability insurance policy covers the costs of your legal defense and all the damages that were your fault up to the limits of your commercial insurance policy. Commercial general insurance coverage is one of the most important and most useful insurance products ever designed for business owners. We all know that a lawsuit can have a negative effect on a business, and It happens more frequent than you’d think.
Generally speaking, a standard commercial general liability policy includes:
Bodily Injury:
Bodily injury coverage pays for physical injuries that are inflicted on people due to an auto accident. If your cargo van is at fault for the accident and other people suffer harm in the accident, bodily injury will pay the associated expenses. If people need to go to the hospital in an ambulance for example, the cost of transport is covered. Bodily injury also pays for the emergency care expenses, doctor’s visits for follow up care, rehabilitation costs, funeral expenses and more.
Property Damage:
The property damage portion of your liability insurance policy pays to fix property that was harmed as a result of the accident. Property damage coverage pays to fix other vehicles that were damaged in the accident, as well as other stationary property such as buildings, mailboxes or signs.
Personal and Advertising Injury
Personal and advertising injury liability protects an insured against liability arising out of certain offenses, such as:
- Libel
- Slander
- False arrest
- Malicious prosecution
- Use of another’s advertising idea
- Infringing on another’s copyright
- Wrongful eviction, entry or invasion of privacy
Medical Payments:
If the driver of your cargo van is injured in an accident, their medical bills and expenses can be paid with medical payments coverage. This coverage protects all passengers in the vehicle as well, and it pays out benefits regardless of who was at fault for the accident. Medical payments coverage is not available everywhere, so contact one of our licensed representatives to see if it is available for your company’s policy.
How much commercial general liability insurance cost?
Like all the other insurance coverages, the cost of a commercial general liability insurance heavily relies on the size of the business that it covered, the risk profile of the business’ operations, and the amount of coverage that business need.
Some surveys say policyholders pay an average between $300 and $600 for a million dollars limit. However, some surveys show that policyholders pay as high as $1,000 for their commercial general insurance.
What is not covered by general liability insurance?
However, general liability insurance does not cover:
- Personal injury claims made by your employees/worker.
- Damage to your office or equipment
- Auto accidents caused by either you or your employees at work, i.e., if the vehicle involved is used for business purposes.
