The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Read NerdWallets review of. You might be using an unsupported or outdated browser. It offers standalone general liability coverage or a BOP for businesses with up to $30 million in revenue, which includes general liability insurance and business income insurance. The policy period is typically one year. Examples of businesses that use general liability insurance are: Check out our insurance for small business page to learn about small business coverages. Last Updated: 5/26/2023. The part of a general liability policy that covers bodily injury liability only applies to third parties, not to employees. . How Much Is a One Million Dollar General Liability Insurance Policy? Start a quote Commercial Auto JD Power estimates telematics are now offered to 22% of insurance shoppers and purchased 18% of the time, up from a 16% offer rate and 12% purchase rate in 2020, showing it's becoming more . These types of claims may result from your companys products, services or operations. Consult with one or more insurance agents if you need help determining your coverage needs. What is general liability insurance? ** Slips and falls are the leading cause of emergency room visits. If you need general liability insurance quickly, you can get a quote and buy a policy online in minutes from Next. For most small businesses, general liability insurance is recommended. E-commerce businesses face unique risks due to their digital nature, but general liability insurance remains essential. Next and Hiscox are solid options for a general liability policy for most small businesses. A freelance writer with more than three years of researching and writing about personal loans, insurance, credit cards, and more, Lindsay's work has appeared on sites such as Insurify, Bankrate, and The Simple Dollar. We can help answer the question of what is general liability coverage? If youre looking for a quote, trying to find out what your, General liability insurance is a type of liability insurance coverage that helps protect your business from claims that it caused bodily injuries or property damage to others. Chubb is the leading commercial lines insurer in the U.S. There are currently two types of policy triggers which generate coverage: claims made and occurrence. In addition to business interruption insurance, Chubbs policy includes extra expense coverage, which could help buoy your business as you recover from an accident or disaster. . General liability insurance in Texas can protect small business owners if someone other than an employee is injured or suffers property damage on your business premises.It can help pay for medical bills, damages and legal defense costs. The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. Get tips for navigating life as a small business owner, from insurance to company culture. Commercial General Liability Insurance for Businesses That's why Farmers offers small business general liability insurance, which can help with challenging situations and the associated costs of legal defense and legal damages, up to policy limits selected for covered claims. Rosalie Murphy joined NerdWallet in 2021 as a small-business writer and specializes in business insurance and e-commerce. Nationwide can help with defense costs, regardless of fault, as well as protection for judgments, court costs and more. "General Liability Insurance. Without general liability insurance, your business could face catastrophic financial losses. Laws requiring insurance vary by state, so visit your state's website to find out the requirements for your business. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature. Protects you from claims costs if you damage someone else's property. You can also get a variety of discounts, including a 15% discount for being a corporation and several multi-policy discounts. Does your business need general liability insurance? General liability insurance protects businesses against claims that theyve harmed a person or their property. We often recommend professional liability coverage to go with general liability or a BOP. Most businesses should consider buying general liability insurance, especially businesses that do any of the following: General liability insurance does not cover the following: To identify the best general liability insurance companies, we considered 19 national and regional insurers, as well as several online brokers, and compared them based on 53 unique criteria in six different categories. Your business is unique, and so are the risks. Your type of business. Login for quick access to your previous policy, where all of your vehicle information is saved. General liability insurance (GLI) can help cover claims that your business caused bodily injury or property damage. Read NerdWallets review of State Farm business insurance. in Criminal Justice from Kutztown University and an M.F.A. This influences which products we write about and where and how the product appears on a page. You use third-party locations for business activities. All business products offered are written on an admitted basis. Best for: Buying a business owners policy. This 2-in-1 policy includes general liability plus protection for your property. ", Next Insurance. Small businesses can get up to $5 million in annual coverage from Farmers, and the company offers several policies with multiple discounts. Some employers or clients might also require you to carry a certain amount of general liability before you can work for them. A business owners policy (which includes both general liability and commercial property coverages) is available from Hiscox for businesses with 10 employees or less. Thimble's general liability policies are available with $1 million or $2 million limits (per occurrence and aggregate) 9 and have the following starting premiums: On-demand: $5 . NerdWallets business insurance ratings reward companies that offer small-business owners reliability and ease of use. Our opinions are our own. General liability insurance (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. All major business insurance companies sell it, either on its own or as part of a, Chubbs BOP is available online to businesses with less than $1 million in revenue. Coverages include: Physical injury liability Property damage liability Lawsuits costs for covered losses Professional Liability Insurance Or you could be sued for causing reputational harm to another business due to something you or your employee said. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. As a contractor or small business owner, you need some form of business liability insurance to safeguard your livelihood. For example, it doesnt help your business with claims of: In addition to GLI, there are other types of liability insurance that most insurance companies recommend: Liability claims arent uncommon and can get expensive. "What Is Employment Practices Liability Insurance? The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. General liability insurance covers a business from a variety of possible claims, including bodily injury, property damage, copyright infringement, reputational harm and advertising injury. He serves as an insurance editor for Dotdash Meredith's performance marketing department. Details about your business location, including if you own or rent the building where your business is located. What is Business Owners Policy Insurance? A customer enters a place of business where the floors have recently been cleaned and polished, and as a result, are very slippery. General liability insurance has a median premium of $42 per month, according to insurance marketplace Insureon. If a business has frequent claims against its CGL insurance, the insurer might raise the premium costs of the policy. Occurrence-based policies cover you for incidents that occurred while the policy was in effect, even if youve since canceled your policy. Investopedia does not include all offers available in the marketplace. For instance, suppose a Dallas-based contractor accidentally leaves bricks in the stairwell of a building under construction, and the property owner is injured . Let the business insurance specialists at Tivly help you find affordable commercial insurance coverage to protect your small business from costs like: Liability. On average, small business owners pay around $42 per month or $504 per year for general liability insurance. In general, BOPs include general liability insurance, commercial property insurance and, most of the time, business interruption insurance. According to . When evaluating offers, please review the financial institutions Terms and Conditions. But coverage may be cheaper for low-risk businesses: Nexts policies start at $11 per month, and Thimble sells policies starting at $17 per month, according to those companies. These types of. About the author: Rosalie Murphy is a small-business writer at NerdWallet. Contractors Insurance | Progressive Commercial The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, CT. For additional details, please read The Hartfords Legal Notice. Commercial general liability insurance. The aggregate limit is the total amount the insurer will pay out in a single year. Another drawback: Youll need to speak with an agent to get a quote for your small business. How much does general liability insurance cost? Please try again later. Here youll find easy explanations for all your questions about coverages, pricing, and more.