- General business liability covers a variety of costs for which the business would be legally liable in a covered lawsuit or claim. These damages can include customer injuries while on business premises, legal defense costs and even advertising injury, meaning damages arising from false advertising or slander.
- General small business liability insurance will be written with a per occurrence limit and an annual aggregate limit. A very common limit is $1 million per incident with $2 million aggregate. Choose a liability limit that meets or exceeds the asset base of your business.
- Larger businesses may require a liability limit in excess of that offered by the liability policy. Consider an umbrella policy if this applies to you. Umbrella policies offer excess liability on top of that covered by the initial policy. You may be required to carry other types of coverage to qualify for an umbrella policy.
- Many companies do not charge deductibles on liability losses. Some companies charge small deductibles on certain types of liability claims and not others. High-risk policies may charge a deductible on all claims filed. Check with your agent or broker to determine the terms of your policy.
- There are many factors that contribute to reducing frequency and severity of liability insurance claims for your business. Maintain high standards for your product's quality control. Keep all public spaces clean and orderly to avoid injuries to clientele. Keep all your records orderly and up-to-date to minimize research and legal costs if they arise. Keep staff thoroughly trained and hold regular safety meetings. You may see insurance discounts for a clean claims record.
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