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General Liability Insurance
As one of the most litigious states in the country, all California business owners have a lot to loose in the course of day to day operations. Having a properly structured liability insurance policy can be the difference between financial prosperity and insolvency in the event of a major claim. Fortunately, a quality liability policy can often be purchased for much less than you would think. After a short consultation, a Schaedler Insurance professional can help evaluate the most critical risks facing your business and develop a liability plan that protects your assets without being a financial burden. We work with many types of businesses with specialties in the following areas:
Small Business Owners
What is Commercial General Liability Insurance?
General liability insurance protects your business against liability claims resulting from bodily injury, property damage, advertising injury, and personal injury regardless of whether or not your business is at fault. Usually included within coverage limits are legal costs associated with settling a claim. It should be noted that punitive damages are not covered by general liability insurance as these damages are penalties for intentional acts. Also, for businesses looking for protection against claims arising out of faulty services, general liability insurance will not be of much help. Coverage against this type of claim can be acquired with a professional liability insurance policy, also known as errors and omissions insurance.
Most commercial general liability policies start with limits of $500k and go up well over 1 million. For coverage limits exceeding the upper boundaries of most general liability policies, umbrella insurance can be extended to provide further coverage up to 10 million or more. Regardless of your coverage limits, any claim settlements that exceed policy limits will need to be provided out of pocket by the business. With this in mind, it’s very important to diligently plan liability coverage’s to properly protect against the most costly and unique risks generated by your business.
Liability Insurance for Small Business
Nearly 8 in 10 small businesses in the U.S. are organized as sole proprietors and as such, their personal and business assets could be exposed in the event of a business liability claim. Fortunately for small business owners, there are several ways to mitigate this risk. General liability insurance can be purchased separately, or for low risk businesses, as part of a BOP (Business Owners Policy), which packages general liability and commercial property coverage into a single policy.
The amount of coverage needed by your business will vary based on the amount of risk generated by the activities of your operation. Businesses with a high degree of inherent risk will need more insurance than lower risk ventures.
General Liability Insurance Quotes
For a free general liability quote for your business, please complete the contact form at the top of this page and a professional with Schaedler Insurance will contact you shortly to answer any questions you may have, and gather additional information about your business.