09/20/2023
General liability insurance provides coverage for physical damages.
Most businesses need general liability insurance coverage given the wide range of exposures a policy will cover. In fact, it’s estimated that 40 percent of businesses will face a lawsuit that a commercial general liability insurance policy would cover.
If your business gets slapped with a lawsuit, the court costs and legal fees alone can be financially devastating, even if you’re not at fault. This is why it’s typically recommended that all businesses have general liability coverage.
If your business sells a physical product, the general liability policy will cover injuries and damages caused by defective products up to a certain point. You may also consider a product liability policy in addition to your general liability coverage. Product liability insurances can go even further to protect your business from faulty software, defective buildings, or environmental exposures.
