General Liability, Professional Liability, and Other Liability Insurance Types:
Liability insurance is designed to protect businesses from legal claims that arise from injuries, property damage, or other liabilities that occur during the course of business operations. There are different types of liability insurance, each catering to specific risks depending on the nature of the business. Below are the key types of liability coverage, including General Liability, Professional Liability, and other related categories.
1. General Liability Insurance (GL)
General Liability Insurance is one of the most common types of insurance for businesses. It provides broad coverage to protect businesses from a variety of potential claims, including:
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Bodily Injury: Coverage for injuries to third parties (customers, clients, visitors) that occur on your business property or due to your business activities. For example, if a customer slips and falls in your store, this would typically be covered by General Liability.
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Property Damage: Covers damage to third-party property caused by your business operations. For example, if you or your employees accidentally damage a client's property while performing a service, this would be covered.
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Advertising Injury: Covers claims related to issues like defamation, copyright infringement, or false advertising.
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Product Liability: Covers harm or injury caused by a product your business manufactures, sells, or distributes. This is typically included under General Liability for businesses that sell physical goods.
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Legal Defense and Settlement Costs: Covers the legal fees associated with defending your business in a lawsuit, as well as any settlements or judgments that may result from the lawsuit.