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General LiabilityCommercial insurance protects your company from the risks associated with being in business. It's important to keep your personal and commercial risks separate. It's the general liability portion of your policy that affords the most protection for your business — and by extension your personal — assets.

Here’s more about general liability and other coverage available for your enterprise.

Who Needs Business Liability Insurance?

If you own a business, you probably need general liability insurance. Annual premiums fall between $750 to $2,000, depending on what kind of business you have and what you wish to cover. That beats the thousands or millions of dollars a single court case can cost you.

You can buy general liability insurance as a standalone product or combine it into a bundled Business Owner’s Policy, or BOP, that includes property insurance. Either way, it's important to know your liability coverage limit. If needed, consider supplementing your coverage with other commercial policies.

Types Of Commercial Insurance

Besides general liability insurance, other commercial insurance policies cover specific risks. You can protect your business assets by choosing the policies that best match your needs. This could include property damage, bodily injury, slander, libel, advertising, and medical expenses.

Here are the available types of commercial insurance to augment general liability insurance.

  • Product Liability: This suits businesses that wholesale, distribute, sell or manufacture products. This protects your business if a defective product injures someone.
  • Commercial Property: This coverage is ideal for businesses with physical assets — such as a building and its contents. This covers your company for property damage caused by fire, hail, smoke, vandalism or civil disobedience.
  • Professional Liability: This is for customer service businesses and covers negligence, errors and malpractice.
  • Home-Based Business Insurance: This insurance is designed for companies run out of your home. It's beneficial if you meet clients at your house. Protection includes business equipment and liability coverage for injuries. This may be written as a rider to your homeowner's insurance.
  • Business Owners Policies: Purchase this type of policy if you have a small business or home-based business owner. It bundles different types of policies to help you save money.
Along with general liability insurance, consider these and other options that your agent can help you understand.
Posted 2:53 PM

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Lighthouse Group Main Office in Grand Rapids, MI
Mailing Address | P.O. Box 530009, Livonia, MI 48153

Phone: 734.421.9900 | Toll Free: 800.220.5582 | Fax: 734.421.9911

Also serving these Detroit area communities in Michigan: Livonia, Farmington Hills, Ann Arbor, Southfield, Plymouth, Canton, Westland, Northville, Novi, Dearborn, South Lyon & Walled Lake