What Does General Liability Insurance Cover?
In the simplest of terms, general liability insurance covers the damage costs to a third party’s property caused by you or one of your employees. This type of insurance can also protect you against libel or slander claims for which you may be legally liable.
Typically, a standard general liability insurance policy for a business will protect against claims of bodily injury and property damage, as well as advertising and personal injury liability.
How Much Does it Cost?
The premium for a general liability insurance policy usually varies based on the size of the business, so there’s no “average” premium. But just to give an example, a sole proprietorship may only have $500 per year in insurance costs, whereas a small consulting firm may be paying more than $3,000 per year.