General liability insurance protects your business from liability claims made against your business for third party personal injury, third party property damage, third party personal and advertising injury and premises medical injuries.
A general liability policy will usually cover the costs of your legal defense and will pay on your behalf all damages (bodily injury and/or property damage) up to the limits of the policy.
Every business must be protected with general liability coverage. The limits of liability that are provided in most general liability policies are as follows:
Coverage Limit of Insurance
General Aggregate – $2,000,000
Products/Completed Ops. Aggregate – $2,000,000
Personal & Advertising Injury – $1,000,000
Each Occurrence – $1,000,000
Fire Damage (any one fire) – $100,000
Medical Expenses – $5,000
Some insurance companies offer higher coverage limits. Most businesses purchase an umbrella liability policy if they want higher limits of protection.
Here are a few examples of general liability related losses.