General Liability Insurance
General Liability Insurance for Arkansas Companies
Organizations of all sizes and industries can benefit from a robust general liability insurance policy.
Operating a business can be unpredictable, and insurance can help owners recover from the financial impact of incidents such as theft, severe weather, lawsuits and accidents, making it an essential part of risk management for businesses.
What is it?
General liability insurance is a fundamental component of most business insurance portfolios. It offers financial protection against some of the most common risks businesses encounter, such as third-party bodily injury, property damage and advertising injury.
What Does it Cover?
A typical general liability insurance policy can provide financial support for the following:
- Bodily injury and property damage liability can cover legal fees, settlements and judgments if your business is responsible for causing injury to someone or damage to their property.
- Personal and advertising injury can cover claims related to defamation, slander, copyright infringement or other advertising-related issues.
- Medical payments can pay for medical expenses if someone is injured on your business premises, regardless of fault.
- Damage to rented premises can help cover damage caused by your business to a property you rent for your operations (e.g., fire damage to an office).
- Personal injury protection can protect against claims of personal injuries, such as mental anguish or reputational harm, in specific cases.
It is important to note that while general liability insurance covers many third-party risks, it does not cover every potential risk a business may face, such as professional errors (covered by professional liability insurance), damage to business-owned property, or employee-related claims (covered by workers’ compensation or employment practices liability insurance).
How Much is it?
The following factors can influence your insurance costs:
- Business size
- Annual revenue and payroll
- Location
- Coverage limits
- Deductible amounts
- Claims history
- Industry-specific risks
Why is it Important?
This type of insurance can be essential in helping a business financially recover from a covered incident. Lawsuits can be costly to defend, and this offers businesses a financial safety net. Without it, they would have to pay out of pocket for expenses related to claims.
Where to Get General Liability Insurance
Contact SunStar Insurance of Arkansas today to discuss your business insurance portfolio.