2023 Best Small Business General Liability Insurance Award

General liability insurance is a type of insurance. business insurance This helps protect businesses financially if they cause or are accused of causing damage to people or their property.

Businesses of all sizes, from sole traders to corporations, typically require commercial general liability insurance coverage. All major commercial insurance companies sell commercial liability insurance, either alone or as part of a policy. Employer policy.

Here are some of the best options for small business owners to purchase general liability insurance, and details on how it works and what it covers.

Best General Liability Insurance Provider

All commercial insurance companies typically sell general liability insurance. The best providers allow you to get quotes and buy insurance online, so you can get the coverage you need quickly. At NerdWallet, we recommend getting quotes from several different providers so you can find the best coverage at the best price.

Perfect for: Purchase business owner insurance.

Chubb's BOP is available online to businesses with less than $1 million in revenue. In addition to business interruption insurance, Chubb's insurance also includes additional expense coverage to help support your business when recovering from an accident or disaster. Chubb also filed fewer general liability complaints with state regulators than expected given its market share, according to NerdWallet's analysis. Read the NerdWallet review Chubb Small Business Insurance.

Perfect for: Buy general liability insurance online.

If you need general liability insurance quickly, you can get a quote and buy insurance online in minutes from Next. General liability insurance starts at $11 a month and includes product liability insurance, the company said. Read the NerdWallet review next business insurance.

Perfect for: Liability coverage for specific events or temporary periods.

Thinble offers general liability insurance on a monthly or individual event basis, making it a good option for businesses that primarily need coverage to comply with contract requirements. The company says it sells insurance starting at $17 per month. Read the NerdWallet review thimble business insurance.

Perfect for: Industry-specific business insurance.

Nationwide received the highest rating for customer satisfaction in J.D. Power's 2023 Small Commercial Insurance Study.^[0]

Perfect for: We work with business insurance agencies.

A commercial insurance agent can get to know your company and find the coverage you need. If you prefer consulting with a professional rather than purchasing insurance on your own, start by getting a quote from The Hartford. You can get a quote for general liability insurance and other types of coverage online and contact a representative. business insurance agency near me. Read the NerdWallet review hartford business insurance.

Perfect for: Some companies require professional liability insurance.

Hiscox, like all commercial insurance companies, offers general liability insurance. However, if you advise clients for a fee, you must also carry professional liability insurance. Hiscox's policy covers work performed anywhere in the world. You can get quotes and purchase online for both types of liability insurance. Read the NerdWallet review hiscox business insurance.

How general liability insurance works

Commercial general liability insurance can be paid if:

• Third party personal injury that occurs on your premises or as a result of interactions with your business or employees; (Injuries to employees are not included.)

• third party property damage; Damage to the property of others caused by your business or its employees.

• Personal and Advertising Damages. If your business publicly says something that could cause someone to sue you for copyright infringement, libel, or slander, general liability coverage can pay for the legal costs and damages.

Specifically, general liability insurance covers legal costs if someone accuses your business of causing this type of damage. It also covers medical costs for injuries that occur on your property, regardless of who caused the injury or whether a legal claim is filed.

General liability insurance typically also includes insurance such as: Product liability insurance Coverage that provides protection against claims that products manufactured, delivered, or sold by a company cause injury to persons or property.

What companies need general liability insurance?

NerdWallet recommends that all businesses carry general liability insurance. It provides a basic level of protection to keep your business open in the event of a lawsuit.

General liability insurance is generally not required by law. However, landlords, customers, and contractors may require it before working with you. Because if you're responsible for an accident or injury and don't have your own insurance, your homeowner's or customer's insurance may have to cover the cost, potentially increasing your future premiums. It's from.

To receive compensation under general liability insurance, you must be insured at the time of the accident. However, some policies offer retroactive coverage even after you stop paying premiums.

• You are renting space or owning a building.

• Invested in inventory and expensive equipment.

• When a disaster or accident occurs, businesses are forced to shut down, resulting in a loss of revenue.

If you need business property and business income insurance, BOP insurance is a good choice to help you save money.

General liability insurance costs

According to insurance marketplace Insureon, the median premium for general liability insurance is $42 per month.

General liability insurance limits

General liability insurance policies typically include two numbers: a per-occurrence limit and a total limit. Generally, the higher the limit, the higher the premium.

The per-occurrence limit is the maximum amount that the insurance company will pay for a single claim. A typical general liability policy includes a per-occurrence limit of $1 million, which includes both litigation and settlement costs.

The total limit is the total amount that the insurance company will pay out in a year. General liability insurance includes a total limit of $2 million. If you have an occurrence-based policy, the aggregation limits are updated annually.

Any other commercial liability insurance coverage that may be required.

Businesses often require more than one Types of business insurance. Generally, general liability insurance does not protect business owners if:

Damage caused by improper performance. Instead, you will need professional liability insurancealso called Errors and omissions insurance. This coverage protects companies that provide services, such as accountants, lawyers, doctors, and architects, if they are sued because they believe that a client was negligent or made a mistake that caused damage. can be protected.

Injuries sustained by employees on the job. The portion of the general liability policy that covers personal injury liability applies only to third parties, not employees. Instead, workers compensation insurance Pays for medical expenses, physical therapy, and lost wages while an employee recovers from a workplace injury.