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General liability insurance is purchased by a business to protect its assets and interests. If a company is sued, the general liability insurance will pay for damages and injuries caused to third party. This saves the company from paying large cash settlements or damages and it protects the business from bankruptcy. It limits risk for the company, its owners, partners and employees. General liability coverage is provided for accidents on the premises of insured as well as on the locations. The general liability insurance policies also cover the costs which are occurred in means to defend though the claims which are groundless.
General Liability Policies provide coverage for four Categories of Business Liability:
- Bodily injury
- Personal injury
- Property damage
- Advertising injury
A business owner’s policy is a single insurance policy which combines general liability insurance and property coverage. The business can get a BOP at lower rate than purchasing the property and general liability insurance individually.
In some companies general liability insurance and property package policy provides commercial liability insurance, as well as protection for the company’s computers and other assets. General liability and property package policy, coverage provides protection from theft or destruction of company’s computer hardware and software and other assets.
So while purchasing the general liability insurance, one has to take the policy which combines with other covers to be more inefficient.