Researchers at Smartest Dollar found the best general liability insurance policies based on coverage, cost, and reviews. Read reviews of the top carriers for small business, contractors, and more.
General liability insurance is one of the primary commercial policies that businesses use to protect themselves against common lawsuits. Often referred to as commercial general liability insurance, or CGL insurance for short, this form of coverage helps businesses pay for the costs of defending or settling liability claims, usually related to personal injury or property damage. This guide will cover everything you need to know about general liability insurance, including how it works, what it covers, how it compares to other commercial policies, what it costs, and what to look for when choosing a provider. Lastly, we review some of the best general liability insurance companies, including the top three listed below:
When it comes to forming a business plan, every owner takes risks; it’s an inevitable part of embarking on any small business journey. However, the risks you can’t foresee are the ones that may have the most detrimental effect on your plans. Accidents, mistakes, and oversights can derail your trajectory, even if they aren’t your fault. Luckily, having the right insurance plan can protect your income, inventory, and employees from claims waged against your business by third parties such as clients or customers. If you’re new to small business insurance, the number of small business policies to choose from can be overwhelming. Every business will have different needs, but starting with the basics of commercial insurance can make the process easier and more approachable for any owner.
Running a business is no easy task, and having commercial insurance is a crucial part of any successful business owner’s manual. Commercial insurance ensures your business is covered in case a claim is filed against it. As a whole, commercial insurance can be broken down into subsections that address different scenarios within the workplace. Worker’s compensation insurance, for example, covers on-site employee injuries, while property insurance takes care of the cost of your business’s damaged property in case of an event like a fire or break-in. Professional liability insurance, on the other hand, answers for mistakes, omissions, or misleading claims made by your business.
While you can’t protect your business from all risk, finding the commercial insurance policies that are right for you keeps you a step ahead of the unexpected. From accidents to workplace errors and even cyberattacks, your business is vulnerable, meaning you and your employees are too. For all the effort you put into your business each day, you don’t want one mishap to catch you off guard and take down your firm.
General liability insurance is one of the most common policies chosen by business owners, and serves as a great starting point for protecting your enterprise. It’s often bundled in packaged offers, so make sure to evaluate how much insurance your business will benefit from before choosing a general liability policy on its own or opting for a package deal.
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