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Non Profit General Liability Insurance
General liability insurance and the business owner's policy (BOP) cover costs associated with third party claims for physical injury, property damage and advertising injury. However, BOP includes the additional protection of business insurance for the physical assets of your business. PB is a good option for small businesses that want to bundle their insurance for savings.
Commercial General Liability
To protect your small business through individual or general liability, work with The Hartford. Its small business professionals can help you find the right coverage for your needs. Getting a quote online is quick and easy — it only takes about 10 minutes to complete.
When it comes to general liability insurance versus a business owner's policy, business owners should be aware that they have key similarities. General liability insurance provides basic liability protection for claims related to bodily injury, property damage and reputational damage. General liability policies usually pay the injured party's medical bills and repairs, as well as your legal costs if they ask.
The business owner's policy combines general liability and business property insurance into one product. Business property insurance compensates you for insured business property or assets that are lost or damaged due to fire, theft or storm. PBs also usually include business interruption coverage to pay ongoing expenses and lost income if an insured event causes you to temporarily stop operations. PB has the same protection as a separate general liability policy, etc. If you buy a BOP, you don't need a separate general liability policy.
Because PBs combine policies, insurance companies can offer them at a discounted rate, costing less than you would spend on separate policies. Both policies can also be customized with endorsements to suit your business needs.
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General liability insurance protects your small business against third-party liability claims, including personal injury, property damage, medical benefits and more, that may arise as a result of your business activities. It may also include claims for advertising damages such as copyright infringement, libel and defamation. A general liability policy usually covers the company's legal defense and any settlements or judgments awarded to the injured party.
Generally, if a third party (that is, anyone not employed by your company) is injured in some way while doing business with you, your general liability insurance provides coverage. General liability insurance does not cover damage to your business property or assets, allegations of negligence, damage to customer property under your control or damage intentionally caused by your business.
Obtaining a general liability policy and certificate of insurance to prove that you are insured proves that your business is responsible, established and reliable. Customers are more likely to do business with you if they know you have liability insurance for financial protection.
A business owner's policy includes the same liability coverage offered in a general liability policy, including protection against liabilities such as third party injuries and property damage, reputational damage and product-related claims. It also includes business property insurance to cover company property and assets owned and used for your business.
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In addition, BOPs offer business interruption coverage for lost revenue and ongoing expenses when a covered event causes you to suspend operations. Insurers usually only cover these costs for 12 consecutive months, but it can help you compensate for lost income, employee wages, rent, utilities and moving costs.
BOPs are designed specifically for small or medium-sized businesses, depending on the carrier. To receive a BOP, your business must meet certain requirements. They are usually based on revenue, industry and number of employees.
A business owner's policy combines property protection and liability risks in one package. This package is usually sold for less than the total cost of the individual policies. The specific coverage included in a BOP varies by carrier, but most regulations require companies to meet certain eligibility criteria to qualify.
"Unfortunately, BOPs are not available to many classes of businesses. Contractors, for example, almost exclusively have a separate general liability policy. Most of the usual businesses on 'High Street' are eligible for a PB (for example, florists, dry cleaners and offices). " When to use general liability insurance
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Most business owners need business general liability insurance because it covers the risks they face most often. It is actually called general liability because it covers the obligations that joint ventures have. Although not required by law, you may find that clients and landlords require it.
The amount of general liability that business owners need depends on the level of risk and the requirements of the contract. In general, the more risk your business or industry has, the more coverage you need. Additional coverage options may be available depending on your insurance company.
Business owners often purchase general liability and property policies instead of separate general liability and property policies to provide the coverage they need. Even if your business has minimal ownership, you still want to make sure it's protected. It also saves you money by using the discounted BOP package.
A business owner's policy provides full general liability policy protection as well as business property and business interruption coverage. If you qualify, it is often cheaper to buy a BOP than to buy each policy individually. For small, low-risk businesses, PB is an excellent insurance package that provides more protection at a reduced price.
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If your business is based out of your home, you may not need the bundled protection of a business owner's policy. However, most basic types of homeowners insurance exclude business liability and offer only limited business property coverage. Talk to your insurance agent about adding commercial endorsement to your home insurance policy.
By adding liability or property insurance as an endorsement to your homeowner's policy, you ensure some protection for your business. Home business endorsement can increase business property coverage limits and address certain business liabilities. Many policies cover up to $2,500 on-site or $1,500 off-site damage to commercial property owned or used by the homeowner.
When weighing coverage options for your small business, general liability and general liability insurance have many of the same risks covered. This is because general liability is one of the policies included in a business owner's policy. However, BOP also includes commercial property coverage.
General liability insurance is an essential business policy because it covers the risks inherent in most operations, namely damage to third parties such as customers and other visitors. This is why most business owners get general liability insurance.
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Like general liability, BOP covers allegations that your business caused property damage or physical injury to a third party. However, a business owner's policy has the added benefit of business property insurance, which covers property owned by your business as well as business interruption coverage.
Depending on the size, type or industry of your small business, as well as coverage limits, the price of general liability or general liability insurance varies. Insurers have different prices depending on the industry, but other factors also play a role.
Most small business owners can expect to pay between $400 and $600 per year for general liability coverage. Industry plays an important role in the cost of your premium. For example, retail stores and restaurants have high traffic, so they often charge more for general liability. However, business consultants often charge less because they face less risk of lawsuits for third-party property damage or personal injury.
A business owner's policy, depending on your industry and risks, typically ranges from $350 to $3,000 per year. Although generally more expensive than a stand-alone general liability policy, you get the added coverage and protections bundled in the PB: liability, business property and business interruption. BOPs are usually less expensive than purchasing individual business insurance policies if your business qualifies.
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General liability insurance and a merchant's policy cover many small business risks, but not every business may qualify for coverage. Insurers typically reserve PB for businesses with low revenue, small locations, and few employees, as this minimizes their exposure to claims.
General liability insurance is a basic policy for small businesses, and most businesses are eligible for it. There is almost no situation or business that does not fall under general liability, although high-risk industries may find that not every carrier is willing to provide coverage and may face higher premiums.
BOPs are a popular choice for business owners looking for affordable coverage, but not everyone is eligible. Each carrier has its own rules, but BOPs are usually designed for small and medium-sized businesses in low-risk industries. In addition, companies generally must have fewer than 100 employees, less than $1 million in revenue and small business space.
Industry is an important factor that insurers weigh in determining whether your business is suitable for general liability insurance or a business owner's policy. Your risks are often determined by your industry.
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Many industries are eligible for general liability insurance because it is such common protection. If your business is in a low-risk industry, such as accounting or consulting, your
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