What Is General Liability Insurance? – Nationwide (2024)

FAQs

What Is General Liability Insurance? – Nationwide? ›

General liability insurance policies typically cover you and your company for claims involving bodily injuries and property damage resulting from your products, services or operations. It may also cover you if you are held liable for damages to your landlord's property.

General liability insurance is defined as insurance protection for third-party property damage or personal and advertising injuries allegedly caused by you or an employee.

A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees.

First, examine the insuring clauses to determine these two things: whether the event is within the scope of the policy and whether the person claiming protection is within that insuring clause which defines the "insured." If both the event and the person are covered, then turn to the exclusions to determine whether ...

All standard homeowners insurance policies include liability coverage. This insurance protects you if a visitor is injured on your property, or if you or a family member living in your home accidentally hurts another person or damages their belongings off your property.

General insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident. Often, general insurance is confused with life insurance. But, the two terms have vast differences.

A general liability insurance policy can help cover claims that your business caused: Third-party bodily injury: If a customer gets hurt after slipping and falling in your store, they can sue your business. Your insurance policy includes bodily injury liability coverage, so it can help pay for their medical bills.

The SSC CGL posts include Assistant Audit Officer, Assistant Account Officer, Assistant, Income Tax Inspector, Excise Inspector, Junior Statistical Officer, Auditor, UDC, etc.

Commercial General Liability (CGL) insurance protects business owners against claims of liability for bodily injury, property damage, and personal and advertising injury (slander and false advertising).

CGL policies do not provide coverage for liability arising from professional services, advice, or consultations you provide. If your business offers professional services, you will need to obtain separate errors and omissions (E&O) or malpractice liability insurance.

What is an example of general liability policy? ›

For example, if you have a GLI policy with a $1 million per-occurrence limit and a $2 million general aggregate limit and you file a claim valued at $1.1 million, your insurance would pay the $1 million because of the occurrence and your business would likely pay the remaining $100,000.

Liability insurance coverage protects you financially if you're responsible for someone else's injuries or property damage. Liability coverage comes standard with most vehicle and property insurance policies, including auto and homeowners insurance.

An occurrence policy covers claims made for injuries sustained during the life of an insurance policy, even if they're filed after the policy is canceled. They cater specifically to events that may cause injury of damage years after they occur, such as exposure to hazardous chemicals.

I've explained that Auto Liability pays out when you hit someone or something with your vehicle, and that General Liability does not. Period. To give them a better picture of what General Liability does cover, here are some examples I use: Customers slipping and falling on your premises.

Personal property coverage — also known as contents coverage on a home policy — helps cover the cost of your personal items if they are destroyed, damaged, or stolen due to a covered loss or peril.

So what's the difference? We'll let you in on a little secret: Comprehensive general liability and general liability insurance are the same thing. That's the short answer. (For the longer answer, read on.)

General liability insurance is usually tax-deductible because the IRS considers your policy payments to be a business expense. Keep track of all the payments you make toward your policy, as that will be important when you file your taxes at the beginning of the year.

Finally, auto liability coverage is limited to auto collisions and only covers damages you cause to another driver or pedestrians in a car accident. General liability covers injuries or death on your business property or those caused by your products and services.