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Thread: What is General Liability Insurance?

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    Default What is General Liability Insurance?

    What is General Liability Insurance?



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    New User Level 0 allstardirect's Avatar
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    It is a policy to cover liability claims your business may incur.

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    New User Level 0 strunkinsurance's Avatar
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    It will cover products and premises liability claims.

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    General Liability, in regards to a business, would generally reflect Legal Liability.
    Legal Liability will cover you for any negligence as a result of your business activities.
    Legal Liability may be split into Public and/or Product Liability.
    Public Liability will cover for any third party damages caused by your business as a result of negligence on your businesses behalf. These damages may be physical injury to a third person or to property damage owned by a third party. Example: an Electrician is required to access the roof of a property, their ladder falls and injures a third party person walking down the street and medical costs are incurred.
    Products Liability will cover for any damages or injury caused as a result of the products that your business sells. Example: your business sells childrens toys, a small piece proves as a choking hazard to a child and the parents sue for medical costs associated with the incident.
    All liability policies will have "policy wordings" that will outline the items that are covered and or excluded. You may also be required to disclose further information about your business activities to the insurance company.

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    General liability insurance is a type of commercial insurance that aims to cover financial losses which arising from any physical injury or damage of property which is caused by the insurer or the employees of his company to others.

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    An insurance policy that covers claims which are arising from an insured liability due to damage or injury during presentation of his or her duties or business.

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    General Liability insurance is that insurance policy that covers claims arising from an insured’s liability due to any damage or injury. General Liability is critical for companies. It protects a company’s resources if it is charged for causing property damage or personal injury.

    It includes different types of liability coverage like bodily injury, personal injury, property damage etc.

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    Last edited by meenakshidpfoc; 07-19-2011 at 11:40 PM. Reason: Spelling mistake

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    There are many different types of insurance policies available, but liability insurance is one of the most popular because it costs much less than many other options. For example, in regard to auto insurance policies, liability insurance costs far less than full coverage. The reason for this is because full coverage insurance must pay for both your vehicle and any other vehicle involved in a collision, as well as property damage and medical expenses due to injuries to you or another party.

    On the other hand, liability insurance is only responsible for the other party's losses. Your person and your property are unprotected, but liability insurance protects you from being held responsible for the other party's damages.

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    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.

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    The price of general liability insurance can be fairly costly if you are not careful when purchasing an insurance plan.

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