Best General Liability Insurance For Small Business
A lawsuit due to accidental injury could be very expensive for your small business. General liability insurance covers claims of accident injuries and property damage to others, including legal costs, settlements, and judgments. It also pays other types of claims against you, such as reputational harm.
What Is General Liability Insurance and How Does it Work?
General liability insurance is a form of small business insurance that covers problems like lawsuits arising from accidental injuries to others, property damage to others, and claims of reputational harm. When someone makes a claim against your small business, your general liability insurance will kick in and pay up to your policy limit.
Key Coverage Limits:
- Per-occurrence limit: The maximum amount your insurer will cover for a single claim.
- Aggregate limit: The maximum amount your insurer will pay for all claims filed during your policy period.
What Does General Liability Insurance Cover?
General liability insurance covers various types of problems, including:
- Bodily injury to others
- Property damage to others
- Advertising injury
- Copyright infringement
- Reputational harm
What Does General Liability Insurance Not Cover?
General liability insurance does not cover:
- Auto accidents
- Cyberattacks
- Damage and theft to your business property
- Employee injuries and illnesses
- Intentional acts
- Professional mistakes
How Much Does General Liability Insurance Cost?
The average cost of general liability insurance is $42 per month, according to Insureon. Costs depend on factors like industry type, business location, number of employees, annual revenue, and claims history.
Top General Liability Insurance Providers:
- Allianz: Known for its Allianz Risk Consulting (ARC) team, which helps mitigate accidents and claims.
- Berkshire Hathaway: Offers savings and credits, such as drug-free workplace credit and multi-policy discounts.
- Farmers: Provides MySafetyPoint, a free resource for identifying workplace hazards and reducing claims.
- GNY Insurance: Offers tailored general liability insurance for specific business types.
- Markel: Provides Risk Solutions Service (RSS) with resources to help reduce claims.
- Nationwide: Offers Loss Control Services Team with risk management professionals.
- The Hartford: Features a Risk Engineering team to help mitigate workplace accidents.
- AIG: Offers Risk Consulting Services to improve worker safety and reduce liability claims.
Methodology
We rated insurance companies based on complaint data for general liability insurance from state insurance departments across the country.
