Most claims made through corporate liability insurance result from accidents like slips and falls, which account for nearly half (48%) of all liability claims. However, around 25% of global annual claims involve defective products, work, or services, making product liability and completed operations liability insurance vital for modern businesses.
Working with a broker who understands your industry and takes the time to get to know your business can help secure more comprehensive coverage at a competitive price.
What Does General Liability Insurance Cover?
General liability insurance protects against third-party claims for:
- Bodily Injury: Harm to another person.
- Personal Injury: Such as defamation or slander.
- Property Damage: Damage to someone else’s property.
- Data Loss: Related to liability claims.
- Legal Defence: Covers legal costs associated with claims.
It does not cover damage to your own property.
Who Needs General Liability Insurance?
Any business that interacts directly with clients, especially those that have customers on their premises or use their equipment or infrastructure, such as IT contractors, needs general liability insurance. Every business entity and person involved can potentially face a liability claim—from a simple doormat causing a slip to a faulty webpage causing harm.
Source: Allianz
