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What is General Liability Insurance?
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
How Does General Liability Insurance Help Small Businesses?
General Liability Insurance can help small businesses…
But more than that, General Liability Insurance is also important simply because clients, local governments, and landlords might require you to have it. For instance, in order to get an electrician's license, a contractor might have to meet state requirements for Commercial General Liability Insurance.
- Sign contracts with new clients.
- Afford the cost of a lawsuit.
- Avoid bankruptcy.
- Acquire professional licenses.
- Rent a professional office space.
But more than that, General Liability Insurance is also important simply because clients, local governments, and landlords might require you to have it. For instance, in order to get an electrician's license, a contractor might have to meet state requirements for Commercial General Liability Insurance.