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Vantage Business Support & Insurance Services General Liability insurance program proudly provides coverage in the event there is liability for injuries and damage you cause to other people. 

What is General Liability Insurance ?

Comprehensive general liability coverage insures a business against accidents and injury that might happen on its premises, as well as exposures related to its products. It will protect you from payments for bodily injury or property damage to a third party, for medical expenses accruing to the underlying incident, for the cost of defending lawsuits including investigations and settlements, and for any bonds or judgments required during an appeal procedure.

No matter how diligently you remove all possible hazards from your business, you could be sued successfully for accidents resulting from simply the carelessness of a customer. General liability insurance is your last line of defense against devastating claims for things over which you may have little or no control.

How does General Liability work ?

Under a general liability insurance policy, the insurer is obligated to pay the legal costs of a business in a covered liability claim or lawsuit. Covered liability claims include bodily injury, property damage, personal injury and advertising injury (damage from slander or false advertising). The insurance company also covers compensatory and general damages. Punitive damages aren't covered under general liability insurance policies because they are considered punishment for intentional acts.

General liability insurance policies always state a maximum amount that the insurer will pay during the policy period. Usually these policies also list the maximum amount the insurer will pay per occurrence. For example, if a company has a $1 million occurrence cap in their liability policy and they are successfully sued for $1.5 million, the insurer would pay $1 million and the business would be responsible for paying $500,000.

General liability insurance can be purchased separately or as part of a business-owner's policy (BOP). A BOP bundles property and liability insurance into one policy; however, the liability coverage limits are generally pretty low. Businesses that need more coverage usually purchase liability insurance as a separate policy. The amount of coverage a business needs depends on a couple factors:

·       Perceived risk. Business owners should first consider the amount of risk associated with their business. For example, a business that manufactures heavy machinery is at a greater risk of being sued than a company that manufactures linens and would therefore need more liability insurance.

• The state in which you operate. Businesses that operate in states with a history of awarding high damage amounts to plaintiffs typically need to carry liability insurance with higher coverage limits. An insurance broker can offer guidance in this area.

Please speak with a VANTAGE business professional for a more detailed explanation of products available to assist you in protection planning