General Liability Insurance
General liability insurance is also referred to as business liability insurance and is an essential way to protect your business from a variety of claims that can arise from your business operations. New Redwood Insurance Services will help customize your policy to best protect your business from its unique risk. General liability insurance is often paired with property insurance in a Business Owners Policy (BOP), but is available to many contractors as a stand-alone. Accidents happen, that’s why it is important to protect your company from any lawsuits that may arise. Let New Redwood Insurance Services walk you through General Liability Insurance and the benefits of a Business Owner’s Policy.
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Frequently Asked GL Insurance Questions
What is General Liability Insurance
General liability insurance may help pay a variety of claims including third party bodily injury (like slip and fall), property damage, personal injury and others that can occur from your business operations. This policy is typically bundled with a Business Owner’s Policy and also covers personal and advertising injury, medical payments, damage to rented premises, and products after completed operations. New Redwood Insurance Services will ensure you have the right amount of coverage without overpaying for what you don’t need.
What does General Liability Insurance cover?
Your general liability insurance protection will be tailored to your business’ unique risk. The coverages may include:
- Bodily injury and property damage liability
- This applies to non employees such as a customer being accidentally injured by an employee.
- Liability from completed products or operations
- This includes liability coverage for both your completed operations and products exposure. If your finished product inflicts physical injury of illness, your business may find protection under a GL.
- Personal and advertising injury
- Protect your business from personal and advertising injury that may damage your reputation and profitability. Verbal and written communication that may cause harm, such as, libel, slander, copyright infringement, and malicious mischief can be covered under your GL policy.
- Medical payments
- If your business is responsible for any non-employee injury, their medical or funeral expenses may be covered. Based on the limits defined in your policy, your GL medical payments will cover out-of-pocket medical expenses.
- Rented premises damage
- Damages to any non-owned/ rented land, structures, or buildings are typically covered under your GL. This protects the rented building from damage that your business may cause. This will help pay for damages, such as an employee accidentally starting a fire. Note that this coverage does not protect your building from damages NOT caused by your business, such as a lightning storm causing a fire in the rented building.
Who needs General Liability Insurance?
As a small business owner or contractor owner, it is imperative to protect your livelihood with a business liability policy tailored to protect your business’s unique risks. General liability insurance may also be required to be carried by some clients or employers.
You may need general liability Insurance if you:
- Have a storefront, building, or office where the public, vendors, or clients have access to
- Advertise and create marketing materials for your business
- Use any social medias for your business or personally
- Work near or handle client’s property
Is General Liability Premiums tax deductible?
Short answer, yes.
General Liability Insurance is considered “a cost of doing business”, which can be written off, but always consult with your tax professional.
What is a Certificate of Insurance (COI)?
A Certificate of Insurance, or commonly known as a COI, is an official document that outlines all of your insurance coverages and the limits of your policy. Some clients may request a COI before work can be done.
How much coverage should you carry?
The higher risks your business has, the higher the coverages you should carry.
The amount of coverages depend on a couple things:
- Contract requirements
- Your business’s unique risks
Many clients or employers require your business to carry more specific general liability limits before work may start. Let New Redwood Insurance Services tailor your general liability coverages for your business specific needs.