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Why All Businesses Should Have General Liability Insurance

Woman using laptop

If you’re a business owner, you should always see to it that your enterprise is protected. It doesn’t matter whether you’re the local grocer, a beauty salon owner, a motor vehicle mechanic, a bar owner, or a dentist; you need to ensure that you have general liability insurance.

In fact, according to Forbes, there are thirteen different types of insurance a business should have in place.

What is General Liability Insurance?

General Liability Insurance or GBI is a form of coverage that protects a business against a claim by an individual that may initiate a claim for personal injury or damage (or loss) of a property while on the company’s grounds. It also may cover medical payments that have resulted from personal injury or losses that result from advertising injury.

How Much Does It Cost?

Premiums will be linked to your company’s turnover. On average, a company with a million dollar a year turnover would spend between $300 to $1000 a year on GBI. If the business has a more significant possibility of someone suffering an injury or damage to their property, the premium will be adjusted.

Our recommendation is to consult with professionals in the field of insurance. You can visit many sites to find something suitable. Many brokerage firms have specialists on their team who’ll give you the best advice for your specific needs.

Will My GLI Completely Cover a Claim?

That’s not an easy question to answer because various factors play a role. Should a patron slip and fall in your business, they lawfully have two years to institute a claim. The lawsuit (unless settled out of court) can run into hundreds of thousands of dollars because the claimant can sue for damages that include, but are not limited to:

  • Loss of income (both current and future)
  • Medical expenses (including medication and travel expenses to and from your doctor)
  • General pain and suffering

The court will take into account how old the claimant is, if they may have contributed to their injury, and also whether they had had a pre-existing condition that may have caused them to be injured.

Let’s say you are mandated by the court to pay damages to the claimant of $525,000; would you at any time have that cash available? Or would your business have to fold? Your GLI policy may not cover the entire payout, but it may cover enough to prevent your business from sinking completely.

Combining Policies

Some brokerages may offer discounts to business owners who combine their policies. You could save on a premium by possibly linking your vehicle insurance with your GLI policy. Ask your insurer about available options.


Paying a monthly premium for insurance may seem like an unnecessary expense, but if it keeps your business afloat in the case of a lawsuit, you’ll be grateful. Speak to your broker today.




Tagg Magazine
Tagg Magazine
Tagg Magazine is a trusted digital publication for everyone lesbian, queer, and under the rainbow.