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Protecting Your Business from Unexpected Risks

GrayStone Insurance Group provides comprehensive general liability insurance solutions to protect businesses from unexpected legal claims and costly lawsuits.

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Why General Liability Insurance is Essential

Why General Liability Insurance is Essential

Running a business, whether a small local shop or a large corporation, comes with inherent risks. General liability insurance is one of the most critical protections any business can have. It serves as a financial safety net, shielding your business from common claims that could result in significant financial losses.

What is General Liability Insurance?

General liability insurance (GLI), or commercial general liability (CGL), protects your business from claims related to:

  • Bodily Injury: Covers medical expenses, legal fees, and damages if someone is injured on your premises or due to your operations.
  • Property Damage: Provides coverage for damages caused to a third party’s property.
  • Personal and Advertising Injury: Protects against claims such as defamation, slander, or deceptive advertising practices.
  • Legal Defense Costs: Covers attorney fees, court costs, and settlement amounts, even if a claim is unfounded.

While GLI forms the foundation of risk management, it doesn't cover all potential risks, which highlights the need for additional policies.

What Does General Liability Insurance Cover?

Here’s a closer look at the primary areas covered by GLI:

Bodily Injury

If a customer slips on a wet floor in your store or gets injured due to your business operations, you could face lawsuits for medical expenses and damages. GLI provides financial protection in such cases, covering legal defense and settlement costs.

Property Damage

Accidental damage to a client’s property during your business operations, such as a contractor damaging a building, is covered under GLI. This ensures you don’t have to pay out of pocket for repairs.

Personal and Advertising Injury

If your business is accused of defamation or uses advertising practices deemed misleading, GLI helps with legal expenses and settlements.

Legal Costs

Legal fees can quickly escalate, even for baseless claims. GLI ensures your business can afford robust legal defense, providing critical peace of mind.

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What Isn't Covered by General Liability Insurance?

While general liability insurance provides extensive protection, it does not cover:

  • Professional Errors: Claims resulting from errors in professional services, such as negligence or malpractice, are not covered. For this, you would need professional liability insurance (also known as errors and omissions insurance).
  • Employee Injuries: If your employees are injured on the job, their medical expenses and lost wages aren’t covered by general liability insurance. Instead, you need workers' compensation insurance.
  • Property Damage to Your Own Business: General liability covers damage to third-party property, but not your own business property. To protect your business assets, you’ll need commercial property insurance.
  • Intentional Acts: Any damage or injury caused by intentional acts or illegal activities won’t be covered under general liability insurance.
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Who Needs General Liability Insurance?

Who Needs General Liability Insurance?

General liability insurance is beneficial for nearly all businesses, particularly those that:

  • Welcome customers or clients at a physical location.
  • Operate on third-party property, such as contractors or cleaners.
  • Engage in advertising or public-facing activities.
  • Handle third-party property regularly.

Even online businesses can face risks like defamation claims, making GLI an invaluable coverage option.

Why is General Liability Insurance Important?

The financial burden of a lawsuit can be devastating. A single claim for bodily injury or property damage can lead to tens or even hundreds of thousands of dollars in expenses. GLI mitigates these risks, ensuring your business can recover and thrive.

Additionally, many clients, landlords, and industries require businesses to carry general liability insurance as part of contracts or lease agreements. Having GLI demonstrates professionalism and preparedness, strengthening your reputation.

How Much Does General Liability Insurance Cost?

The cost of general liability insurance depends on:

  • The size of your business.
  • Your industry.
  • Location.
  • Claims history.

Small businesses typically pay $500 to $1,000 annually, but premiums vary based on risk exposure. Bundling GLI with other policies, like a business owner’s policy (BOP), can provide additional savings.

At GrayStone, we’re committed to finding affordable policies that protect your business without stretching your budget.

Why Choose GrayStone Insurance Group?

  • Specialized Coverage: Policies tailored to your industry and risks.
  • Competitive Rates: Affordable premiums without compromising protection.
  • Dedicated Support: Guidance from experienced professionals to ensure you’re fully covered.
Safeguard Your Business Today

Safeguard Your Business Today

General liability insurance is a cornerstone of risk management for any business. Whether you’re just starting out or have been in operation for years, a robust GLI policy from GrayStone Insurance Group can protect you from financial losses and legal challenges.

Don’t wait until a claim arises. Contact GrayStone Insurance Group today to customize a general liability insurance policy that fits your needs. Secure your business’s future and gain the confidence to operate without worry.

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