The Business Liability Insurance

Business liability insurance, more commonly referred to as general liability coverage, protects against bodily injury claims as well as property damage claims, personal injuries and more.

It is an essential element in safeguarding business operations.

What Does Business Liability Insurance Include?

Business liability insurance typically includes coverage for bodily injury, property damage, personal and advertising injury, medical payments, products-completed operations, and damage to premises rented to you. Understanding these coverages can help you assess your business liability insurance needs.

Who Needs Business Liability Insurance?

Contractors and small business owners often need business liability insurance to protect their livelihood. A single accident could lead to a lawsuit, and business liability insurance ensures you have the right level of protection. Some clients might even require you to have business liability insurance before working with them.

Business Liability Insurance for Contractors

Contractors typically need only general business liability coverage. You could qualify for special programs, including Blanket Additional Insured Coverage.

Business Liability Insurance Cost

In 2022, the national median cost of business liability insurance was $53, with an average price of $72. Your rate will depend on various factors related to your business. Discover more about business liability insurance cost and find the best combination of price and protection for your business.

Get Business Liability Insurance in a BOP

Business liability insurance, along with other coverages, is available in a business owners policy (BOP). If your commercial buildings or other business personal property require extra protections, a BOP could offer them.

Common Questions About Business Liability Insurance

Is Business Liability Insurance Required by Law? No, but without business liability insurance, you could be responsible for all expenses related to a claim against your business.
Does Business Liability Insurance Have a Deductible? Yes, you choose the amount of your business liability insurance deductible when getting a quote.
Does Business Liability Insurance Cover Theft? No, business liability insurance only pays for third-party damages.
Is Business Liability Insurance Tax Deductible? Yes, business liability insurance premiums can usually be written off at tax time.
Does Business Liability Insurance Cover Professional Mistakes? No, for protection against professional mistakes, you need professional liability insurance.

What is a Certificate of Business Liability Insurance?

A certificate of insurance (COI) is an official document that lists all coverages and limits on a business liability insurance policy. It proves that you have business liability insurance and details your policy coverages and limits.

Can High-Risk Businesses Get Business Liability Insurance?

Yes, high-risk businesses can get business liability insurance through specialty markets called excess and surplus lines (E&S). E&S insurance provides coverage for businesses that standard markets don’t protect.