General Liability

Commercial general liability insurance protects you from liability from property damage, personal injury, or advertising injury caused by you, your workers, or your services. All businesses have varying levels of risk associated with their operations and require different levels of coverage. An office building has different needs than a machine shop. Buffalo insurance will help you find a commercial general liability policy to provide the protection you need within your budget.

What Is General Liability Insurance? 

General liability insurance is one of the most common types of business insurance policies. It is sometimes called commercial general liability insurance or business liability insurance. Nearly every business needs this type of coverage in Norman, Oklahoma. General liability insurance protects your business if a client, customer, or other party is injured or their property is damaged during the course of business. This is an essential form of insurance coverage because without it you will be paying for medical bills, property damage, or lawsuits out of your own pocket. On a long enough timeline, nearly every business has one of these types of claims, no matter the industry. It could be something as simple as a delivery driver tripping on the edge of your carpet, and without a general liability policy your business could be bankrupt. 

Which Businesses Need General Liability Insurance?

Nearly every business needs general liability insurance. It does not matter what industry you are in or how large your business is, nearly everyone is exposed to significant liability risks. It is so standard for business owners to carry liability coverage that it is a prime component of a business owners policy (BOP). 

How Much Does General Liability Insurance Cost?

Premiums for general liability policies will vary greatly between all businesses. Many factors go into calculating your premium, from the size of your business to the risk involved in your day-to-day operations. Furthermore, every insurer specializes in working with different types of businesses, which greatly shapes how much they charge for coverage. The variability between businesses and insurers is why it makes the most sense to work with a commercial insurance broker like Buffalo Insurance. The commercial insurance professionals at Buffalo Insurance give you access to hundreds of policies, which helps you find the best value possible. 

What Does General Liability Insurance Cover?

Generally speaking, if your business or your employees cause bodily injury, property damage, or even harm to someone’s reputation, general liability insurance will cover you. Not only does this policy cover any medical bills or the cost to repair/replace damaged property, it will even cover the cost of representing you in a lawsuit. There are three types of common claims that are paid out by your general liability insurance policy:

Personal and Advertising Injury

Your policy will typically cover you for copyright infringement, slander, or libel. This includes the cost of your legal defenses, as well as any damages that are awarded.

Third-Party Bodily Injuries

If someone is injured on your business premises or because of an interaction with your business or employees, then your general liability insurance will cover you. However, general liability insurance will not cover injuries to your employees or contractors. 

Third-Party Property Damage

In the event that your business operations or employee causes property damage, then the cost of that damage will be covered by your general liability insurance policy. 

What Does General Liability Insurance Not Cover?

While general liability insurance offers business owners a lot of protection, they do not cover all possible liabilities. For anything that your general liability policy does not cover, you will need to have additional insurance policies to make sure your business is protected. 

Business Property Damage

Damage to your property is not covered by general liability insurance. To cover damage to your property you will need commercial property insurance. One way to cover both general liabilities and property damage is through a business owners policy (BOP). However, business owners policies are only available for certain sized businesses in very specific industries. 

Commercial Auto Accidents

Property damage or bodily injuries caused by a vehicle that is being operated while in the course of your business operation is not covered by general liability insurance. You will need a commercial auto insurance policy in order to cover these liaiblities. This is true whether or not the vehicle is owned by the business or an employee of your business. 

Employee Injuries and Illness

If employees become injured or ill because of your business operations or on your premises, then it will not be covered by your general liability insurance. These types of claims are covered by workers compensation insurance. 

Errors and Omissions

If you offer professional services and a client or customer is damaged because of your mistake, which results in a lawsuit, then you will not be covered. You will need professional liability insurance in order to cover you in these instances.

Damages that Exceed Your Coverage Limits

All general liability insurance policies have coverage limits. If you cause damage that exceeds your policy limits, then you will be responsible to pay for anything that exceeds your coverage limits out of pocket. In order to cover damages above and beyond your policy limits you will need commercial excess insurance or a commercial umbrella policy. 

Buffalo Insurance Has the General Liability Insurance You Need

Most insurers try to offer you a one-size-fits-all policy with few variations because they all specialize in different industries. Unfortunately, all businesses are different and a one-size-fits-all policy will not fit your needs. General liability insurance is such an important piece of protecting your business that you cannot accept a policy that is an okay fit. You need coverage that is tailored to your exact industry and your exact operation. If not, you expose yourself to nearly unlimited liability that could result in bankrupting your business. 

The commercial insurance experts at Buffalo Insurance are here to protect your interests. That is why we will not stop until we find you a policy that gives you the coverage you need at a price you can afford. We are proud members of the business community in Norman, Oklahoma. General liability insurance is essential to protecting the businesses that make our community thrive, so we take the job of protecting businesses like yours so seriously. 

The bottom line is that if you want commercial property insurance that protects your hide without breaking your bottom line, then there is only one place to go in Norman, Oklahoma. Contact the commercial insurance professionals at Buffalo Insurance today and see for yourself why everything is better when you are with the herd.