General Liability Coverage Definition

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General Liability Coverage Definition

General Liability Coverage Definition


General Liability Coverage Definition

General Liability Coverage Definition


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General Liability Coverage Definition
General Liability Coverage Definition
Print this article Part of running a business involves preparing for unexpected circumstances or events. General liability insurance helps protect a company s assets in cases where bodily injury or property damages result from an unforeseen incident on the premises. A company s size and line of business can indicate what level of liability coverage is needed to adequately protect its interests.
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General Liability Coverage
General liability insurance covers areas of liability that concern a business property, operations and products. Property protections cover any accidents or injuries that take place on a company s property. Product protections cover any damages or injuries caused by a product design or malfunction. General liability insurance also covers any legal costs associated with a liability claim. These costs may include lawyer fees, court expenses as well as any loss of earnings that result from having to make court appearances.
Claim Coverage
Companies purchase different amounts and types of general liability coverage based on company size and the line of business. A company s line of business determines the level of liability risk. For example, liability risk for a hospital is typically higher than the risk associated with a business that sells paper goods. The level of risk plays a part in determining the amount and type of coverage needed. Claim coverage may also apply in cases where a business deals with contracts, such as product licensing or building contracts. Businesses that handle customer information or publish information on a regular basis may also require liability coverage that protects them in cases of information exposure claims.
Business Associates
General liability coverage extends beyond the physical property and product effects of a business by insuring any business associates who act on behalf of a company. Business associates can take the form of partnerships, sales personnel, volunteers as well as subsidiary companies in which a business owns more than 50 percent of the voting stock. This line of coverage acts as a form of indemnity protection that covers any bodily injury or property damage that results from the actions of a business associate who s acting on behalf of the company.
Considerations
General liability insurance policies include a maximum payout limit as well as a maximum payout limit per occurrence or incident. In order to cover risks that exceed a policy s coverage limits, companies can purchase umbrella liability coverage, which picks up where general liability protections leave off. Policy coverages, in terms of situations or factors that influence a liability claim, can vary and may exclude certain conditions that fall outside of liability coverage. Injuries or damages that occur as a result of an intentional act carried out by a company are not covered under general liability insurance. General liability coverage also excludes injuries or damages that occur as a result of professional error or malpractice.
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References
Allinsuranceinfo. org: General Liability Insurance
Duquesne University: Glossary of Insurance Policy Types
Resources
Ask For Insurance: Casualty and Liability Insurance
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General Liability Coverage Definition

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