Introduction
Business General Liability Insurance (GLI) is an essential coverage that protects businesses from financial losses due to claims of bodily injury, property damage, and personal and advertising injury. Whether you own a small startup or a large corporation, liability insurance safeguards your business against potential lawsuits and financial hardships. This guide explores the fundamental aspects of business general liability insurance, its benefits, coverage options, costs, and key considerations for businesses of all sizes.
What is Business General Liability Insurance?
General Liability Insurance (GLI), often called Commercial General Liability (CGL) Insurance, is designed to protect businesses from financial liabilities arising from accidents, injuries, and claims of negligence. It covers third-party claims related to bodily injury, property damage, personal injury, and advertising injury.
This type of insurance is crucial because even a minor accident can lead to expensive legal battles and compensation costs. Without adequate coverage, a single lawsuit could significantly impact a business’s financial stability.
Key Coverages Under General Liability Insurance
GLI policies typically cover the following:
1. Bodily Injury Liability
This coverage protects a business if a customer, vendor, or visitor suffers physical harm on the business premises or due to business operations. It covers medical expenses, legal fees, and settlements if the business is found liable.
