Do you have general liability insurance for your business? What does it mean not having one? What protection would such insurance bring to the table? What kind of plan can you afford? How can you determine your coverage needs? All are valid questions when it comes to investing in a general liability insurance policy for your business.

Also known as commercial general business liability insurance, this type of insurance protects you the assets of your company in addition to covering for any obligations in case an employee, partner, vendor, or visitor gets hurt on your property. The general liability insurance also pays for costs related to repairs of damages to your property. It further provides coverage for the legal costs in the case of a law suit. In addition, false claims including libel, slander and copyright infringement are covered by a general liability insurance.

While it could be purchased as a separate plan, your general liability insurance could be included in your Business Owner’s Policy (BOP). The annual premium for the liability insurance usually ranges between $800 and $2,000 depending on your industry and the type of coverage you are seeking while taking into consideration any risks that could be associated with your type of business. Your plan should detail information related to the maximum amount your insurance company will pay against a liability claim. Coverage includes medical costs associated with injury, legal fees, property damage and more.