General Liability Insurance Coverage
General liability coverage is applicable for a wide range of situations, making it an important basic coverage. Most liability policies will include:
- Medical payments for injuries sustained on your premises or job site.
- Property damage coverage for damages caused by your company’s operations.
- Advertising injury coverage, including copyright infringement.
You can expect to have coverage for defense costs, legal fees, settlements, and judgements.
Not every situation can be covered under a general liability policy. You should check with your agent about any exclusions to your general liability coverage, as you may need to purchase insurance specific to your operations; manufacturers, contractors and professional service firms may have exposure that is not included in a standard general liability policy.
New York Business Owners Policy
For many businesses, general liability coverage can be affordably obtained in a Business Owners Policy, known as a BOP. By combining liability and property coverage, along with other optional coverage, these policies typically offer lower prices on the insurance coverages most businesses require. Not all businesses need to be written with a Commercial Package Policy, BOP’s are a great option if your business fits the parameters.
Possible Safety Discounts
A safe business is less likely to have claims filed against their general liability policy, which can bring down your premium costs. Businesses that establish safety protocols, complete training courses, follow best practices, and take other measures to reduce risk may be eligible for premium credits. Because a safe business is the ultimate goal, ask your agent about what steps you can take to improve your safety and quality for discounts on your insurance policy.
Though you work hard to maintain your business to keep your customers and community safe, accidents can happen at any time. The resulting lawsuits can seriously jeopardize your company’s finances, putting you at risk for closure. General liability insurance covers a wide range of risks that New York businesses face, helping to pay medical and legal costs in covered situations. Investing in this important coverage can help protect your business when an accident occurs. Need help signing up? Contact a local, friendly agent today!