General liability insurance, also known as business and product liability insurance, has become increasingly popular over the years as entrepreneurs seek protection when they make claims for damages in the course of their business activities. The wide coverage of General liability insurance has popularized it with millions of businesses in the United States and other parts of the world. It helps companies, regardless of their industry, to reduce the amount of damage in the event of an accident. As the name suggests, general liability insurance covers different types of accidents, including personal injury, property damage, medical bills, and personal injury.
Product liability insurance
Product liability insurance is intended to protect the company against claims by customers that a product has caused personal injury or property damage. The coverage is especially useful as it saves companies having to pay out of pocket for costly claims resulting from product defects.
The coverage is comprehensive as it also covers the damage caused by the product even if the customer suffered the injury due to an allergic reaction.
Other types of general liability insurance coverage
Products and completed plant coverage
This type of coverage helps businesses that have been sued by their customers for damage due to the products or services they offer. The percentage of products and operations completed in General liability insurance will protect the Company in the event of such a lawsuit and pay all medical expenses owed and legal fees resulting from the lawsuit.
Personal injury protection
There are always cases where customers get injured, regardless of the business or nature of the business. In such cases, customers have the right to sue the company, causing the company to lose assets. The company is expected to pay medical bills for anyone injured while on the premises or from the company’s products.
The cover is suitable for any degree of injury, from broken bones to post-use illness.
Property damage coverage
This type of cover covers damage to someone else’s property due to the company’s activity or inactivity. This could be anything from an employee damaging a customer’s property while providing a service, or a customer pounding a pothole in the company’s parking lot.
Personal and advertising damage coverage
Businesses sometimes have to deal with lawsuits filed by individuals alleging harm to an individual or a company. The lawsuit can range from defamation to copyright infringement to defamation, with coverage covering all legal costs incurred during the proceedings. It should be noted, however, that this type of coverage only applies if the company did not commit the crime, as willful act to damage the reputation of a company or an individual is not covered.
Protection for business premises
This type of cover applies to medical expenses as a result of injuries that occurred after a customer visited the business premises. This includes bills for hospitalization, an ambulance and, if applicable, rehabilitation costs. It also covers property damage and personal injury that occurred outside of the office or retail location.
Other types of coverage that are covered by general liability insurance include medical payments and coverage for completed operations.
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