Why You Need general liability Insurance

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GL covers you for:

Lawsuits
Judgments
Legal Fees

REQUIRED BY LAW:

There are some industries that are required to carry General Liability Insurance to operate legally in Michigan, including: construction, real estate, retail, hospitality, manufacturing, and health care.

FINANCIAL PROTECTION:

General Liability Insurance, also known as Commercial General Liability (CGL), is like a safety net for your business.  It protects your business if someone claims they were hurt, their property was damaged, or they were affected by your advertising.  It covers legal costs, settlement, or payouts if you’re sued by customers, vendors, or anyone else because of your business activities.

Contractual Obligations:

Business contracts, leases, or agreements usually require General Liability Insurance. It is a common requirement in business and helps maintain positive relationships with clients, landlords, or partners.

Risk Management: 

General Liability Insurance shifts the financial responsibility for accidents, injuries, or property damage to the insurance company.  This allows businesses to address unexpected problems without depleting their finances or interrupting their daily operations.

Standard General Liability Insurance Coverages:

Bodily Injury Coverage:

If someone who isn’t part of your business gets injured on your property or because of your business operations and you’re responsible, General Liability Insurance can cover their Bodily Injury claims.

Property Damage Coverage:

Offers financial protection for your business if you or your employees accidentally damage someone else’s property during business operations.  It covers expenses such as repair or replacement costs for the damaged property, as well as legal fees.

Legal Fees Coverage:

Legal Fees Coverage helps with your business’s legal defense costs if someone sues, even if the lawsuit is unfounded.  These costs won’t affect the maximum payout limit of your policy. 

Advertising Harm Coverage: 

Insurance protection for businesses facing lawsuits stemming from unintentional use of others’ ideas, or infringement of copyright or trade slogans in their advertising or marketing materials.  It offers financial support for legal expenses and potential settlements.

Personal Injury Coverage:

Personal Injury Coverage protects businesses from non-physical injury claims stemming from defamation, including both libel (written or published false statements that damage someone’s reputation) and slander (spoken false statements). This coverage typically assists legal fees, settlements, and damages awarded in such defamation lawsuits.

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

General Liability Insurance, also known as Commercial General Liability Insurance (CGL), is a type of business insurance that offers protection against claims for personal injury, bodily injury, and property damage sustained by customers, clients, vendors, or members of the public.  This coverage extends to incidents related to business operations, products, or services.  

No, General Liability Insurance does not cover your business property, such as equipment, inventory, furniture, and supplies, if it is lost or damaged due to theft. 

The cost of General Liability Insurance varies depending on your business’s industry and the terms of your policy. Several factors can influence your costs, including:

Risk Exposure: Industries with higher risk levels may have higher insurance costs.

Risk Management Efforts: Implementing risk mitigation measures, such as installing security systems or employee training, can help lower premiums.

Location: Insurance rates can vary by state and geographic location.

Business Stability: Established businesses with a solid financial history may qualify for lower premiums.

Contractual Relationships: Hiring subcontractors or leasing employees may impact insurance rates.

Claims history: Previous insurance claims can result in higher premiums.

There are some industries that are required to carry General Liability insurance to operate legally in Michigan, including:

Construction: Construction companies, contractors, and subcontractors often require General Liability Insurance to manage risks related to on-site accidents, property damage, or injuries to their workers or third parties.

Real Estate: Property owners, developers, property managers, and real estate agents may require General Liability Insurance to protect against claims arising from property damage, bodily injury, or accidents on their premises.

Retail: Retail businesses, including shops, stores, and boutiques, often require General Liability Insurance to protect against slip-and-fall accidents, product liability claims, or allegations of false advertising.

Hospitality: Hotels, restaurants, bars, and other hospitality businesses in Michigan typically carry General Liability Insurance to address risks related to guest injuries, foodborne illnesses, liquor liability, or property damage.

Manufacturing: Manufacturers and industrial companies may require General Liability Insurance to cover potential product liability claims, property damage caused by defective products, or injuries resulting from equipment malfunctions.

Healthcare: Healthcare providers, including hospitals, clinics, and medical offices, often carry General Liability Insurance to address risks associated with patient injuries, medical malpractice claims, or allegations of privacy violations.

There is a wide range of General Liability Insurance limits, typically ranging from $300,000 to $2,000,000. Clients often request a minimum of $1 million in coverage, but this can vary depending on the size of the organization and the specific project.

General Liability Insurance covers instances where your business is at fault for bodily injury, property damage, personal or advertising injury. 

Professional Liability Insurance, on the other hand, protects businesses and individuals against claims made by clients for wrongful acts resulting in economic damage such as financial losses, lost profits, or damages resulting from professional error or negligence. 

Yes.  Businesses can benefit from having both coverages.

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Report The Claim by Phone:

  • Click on the Carrier tab.
  • Locate your insurance carrier.
  • Use the carrier’s claims phone number to report the claim.

Report The Claim Online:

  • Click on the Carrier tab.
  • Use the carrier’s claims website link to report the claim online.

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Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.