You’ve likely been managing your own personal finances for years, so it might be tempting to just apply the same principles you use for your personal finances to your business. But there are important differences to consider.
What is general liability insurance?
General liability insurance, also referred to as ‘commercial general liability’ (CGL) insurance or ‘business liability insurance,’ protects a business against the risk of accidents like bodily injury and property damage that happen to a third party.
CGL is the most essential insurance for a business. If you don’t have it and something happens while you’re on the job, one big claim could cost enough to put you out of work. With general liability insurance, you’ll have the protection you need to stay focused on building your business.
“General liability protects against accidents which cause bodily injury or property damage.”
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Why do I need general liability insurance?
It may not sound like it, but in insurance, we know a thing or two about parties.
Most parties are laid-back, but third parties—like your clients and customers—can be quick to sue you for things that aren’t your fault. Not so fun. For that reason and so many more, the cost of a liability insurance policy is negligible when you compare to what it’s worth.
Imagine you’re a general contractor. Your average workday includes a lot of risks: falling beams, live wires, even getting paint on your client’s blouse when you go to shake their hand. Everything that could go wrong is another reason why you need general liability coverage.
No matter your profession, if you serve your clients face-to-face at your place of work, their place of work, or any third-party location, you need general liability too.
What does general liability cover?
Slippery when wet. General liability insurance coverage protects against claims of physical injury to a third party.
CGL also offers coverage for damages to another entity’s property. If you don’t own it and you break it, CGL can help.
If a customer’s injury requires a hospital visit and they want you to foot the bill, you’ll want CGL on hand.
If settling a claim lands you in court, CGL can help you “lawyer up.”
Personal + Advertising Injury
Say it ain’t so. Claims that you publicized something damaging the reputation of another party.
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What’s not covered?
- Damage or injury because of:
- Professional services
- Disclosure of personal identifiable information
- Employee injury
- Workers’ compensation
- Vehicles and boats
- Work you did before your policy began
- Intent to injure
- Damage to your property or equipment
- Known claims prior to the start of your policy
Who needs general liability insurance?
You should consider purchasing general liability insurance coverage if you work with clients on a face-to-face basis or at a client’s place of work, your own place of work, or a third-party location.
How much does general liability insurance cost?
The cost of a CGL policy with Thimble is based on just a few things: what you do, where you work, how long you need coverage, and the size of your team. Your industry determines how much you’re exposed to risk, as some jobs come with a higher likelihood of physical injury or property damage.
Thimble makes general liability insurance affordable with Monthly and On-Demand plans that you can start, pause, and cancel at any time. No deposits and no hidden fees.
- What do you do for a living? Contractor
- Enter your business zip code 22401
- Choose your coverage Monthly
- Do you have anyone working with you? Me +3
What other kinds of business insurance do I need?
While general liability insurance is designed to protect your business against bodily injury, property damage, and personal injury claims, you may want to consider a number of other coverage types depending on the nature of your business.
Professional liability insurance
Designed to protect against errors & omissions claims—i.e., allegations that a job has been done improperly and resulted in monetary or reputational damage—is essential for a range of professionals, from consultants to photographers.
Protects the value of your assets, including commercial premises, equipment, and supplies, in case they are damaged or destroyed.
Essential if your business has employees or workers of any kind. This coverage applies to medical expenses and lost wages associated with work-related injuries and illnesses.
General Liability FAQ
What is an ACORD certificate and why is it important?
An ACORD 25 Certificate of Insurance (COI) is the standard document that proves you’re insured, with all of the details like the types of liability coverage (general liability, professional liability, etc.) your policy limit, and the duration of your policy. This is typically the document you need to show your clients that you’re ready to get to work. With Thimble, you’ve got instant access to your COI after purchase and the ability to make and send unlimited copies to the people who need it.
What is an Additional Insured?
An Additional Insured is anyone who wants to be protected in connection to your CGL policy. In many cases, this is the company or organization hiring you, because they want to ensure that if anything goes wrong while you’re working on their behalf, they will be defended and covered under your insurance.
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