General Liability Insurance, otherwise known as public and product liability insurance, has become increasingly popular over the years, as business owners seek protection in the event of a claim for compensation for injury or damage during the course of business. The wide coverage of general liability insurance has endeared it to millions of businesses in the United States and other parts of the world. It helps businesses, irrespective of their industry, to reduce the amount of loss in case of an accident. As the name connotes, general liability insurance covers different types of accidents, including bodily injury, property damage, medical bills, and personal injury.
Product Liability Coverage
Product liability insurance is designed to protect the business against claims made by customers that a product caused bodily injury or property damage to their belongings. The coverage is particularly helpful as it saves businesses from paying out of their pocket for costly claims that have been attributed to product defects.
The coverage is comprehensive as it also pays for the damages caused by the product even if the customer suffered the injury due to an allergic reaction.
Other Types Of Coverage Under General Liability Insurance
Products And Completed Operations Coverage
This type of coverage helps businesses that have been sued by their customers for damages caused due to the products or services offered. The portion of products and completed operations in the general liability insurance will protect the business in case of such a suit, paying for all medical expenses owed and the legal costs resulting from the lawsuit.
Bodily Injury Coverage
There is always the case of customers injuring themselves, irrespective of the business or its nature. In such instances, customers have the right to sue the business, causing the organization to lose assets. The business is expected to foot the medical bills for persons hurt while on the premises or injured by the company’s products.
The coverage suits any degree of injury from bone fracture to falling ill after using the product.
Property Damage Coverage
This coverage type will take of damages caused to another person’s property due to the activity or inaction of the business. It could be anything from an employee breaking a customer’s property while delivering a service or the customer hitting a pothole in the parking lot of the company’s premises.
Personal And Advertising Injury Coverage
Businesses sometimes have to deal with lawsuits brought by people due to alleged damages caused to an individual or business. The suit could range from libel to copyright infringement or even slander, with the coverage paying for any legal expenses arising during the case. However, it is worth noting that this type of coverage is only applicable if the business did not commit the offense, as a deliberate act to damage the reputation of a business or individual will not fall under the coverage.
Business Premises Protection Coverage
This coverage type is for medical expenses resulting from injuries sustained following a customer’s visit to the business premises. It includes bills for a hospital stay, ambulance, and the cost of rehabilitation if necessary. It also covers property damage and injuries that occurred outside the office or retail location.
Other coverage types that fall under General Liability Insurance include medical payments coverage and completed operations coverage.
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