General liability insurance (GLI) is one of the most common types of insurance coverage. But what is it? And who needs it? Today we will be looking to answer these two questions.
As the name entails, GLI involves liability. This is because we live in a very litigious world where it is not uncommon to see entities being sued for bodily and/or property damages. General liability insurance protects the livelihood of contractors and small business owners by providing them with coverage from claims related to liability.
Consider this very common scenario: A customer enters a business property, only to trip and injure themselves on the business premise. Depending on the severity of their injury, there is a possibility that the customer will hold the business liable. When that happens, nothing prevents the customer from bringing the business to court.
This is just one of the many examples that we could provide in this post. In the business world, liability comes in many forms. If you are a contractor or own a small business in Alberta, then we can't stress enough the importance of being covered under a general liability policy. Along with commercial property coverage, it is the best way to protect yourself from claims stemming from bodily and/or property damages incurred by a third party.
If you are still unsure of whether or not this policy is for you, we recommend that you refer to your insurance broker or give one of our insurance agents a call.