What is General Liability Insurance? How is it similar to a Business Owner’s Policy? How is it different? This article will provide the answers to those questions.
When it comes to your business, having the right insurance coverage is important, however it can be overwhelming when trying to decipher which is the right coverage for you. Notice what general liability vs. business owners policy includes or excludes.
What Is General Liability Insurance?
General liability insurance is a type of insurance coverage that protects businesses and individuals against accidents or mistakes that happen within your company.
This type of insurance typically covers a range of situations, including slip-and-fall accidents, property damage caused by a business’s operations, advertising injuries (such as copyright infringement or defamation), and bodily injuries or medical expenses incurred by third parties due to the business’s negligence.
The policy generally provides coverage for legal expenses, including attorney fees, court costs, and settlements or judgments up to the policy’s limits. It helps protect businesses from financial ruin by providing compensation for covered claims, thus mitigating the potential impact on their assets and reputation.
What Is A Business Owners Policy?
ABusiness Owners Policy (BOP) is a type of insurance policy that is specifically designed for small to medium-sized businesses. It combines several different types of coverage into one single package, offering a comprehensive insurance solution for business owners.
There are 3 main coverages:
Property Insurance
Protects physical assets of your business like a building or furniture against losses caused by fire, theft, vandalism, or other covered perils
General Liability Insurance
Protects your business from claims arising from bodily injury or property damage caused to customers, vendors, or the general public due to your business operations
Business Interruption Insurance
Protects the financial impact of a temporary shutdown or disruption to your business operations due to a covered event
In addition to these coverages, a BOP may also include additional optional coverages or endorsements based on your business needs, such as, crime insurance, data breach coverage, or equipment breakdown insurance.
What Are The Similarities And Differences Between General Liability Vs. Business Owners Policy?
There are more differences than there are similarities with general liability vs. business owners policy.
Similarities:
Both General Liability Insurance and a BOP provide liability coverage
Both policies typically include coverage for legal defense costs associated with liability claims. This can help cover attorney fees, court costs, settlements, or judgments.
Differences:
General Liability Insurancefocuses solely on liability protection. It does not include coverage for property or business interruption. BOP combines liability coverage with property insurance and often includes business interruption coverage, which helps compensate for lost income/ongoing expenses if your business operations are temporarily disrupted due to a covered event.
A BOP is a packaged policy that combines multiple coverages into a single policy, more convenient and cost effective. General Liability Insurance is a standalone policy solely focused on liability coverage.
General Liability Insurance policies can be tailored to some extent by adding optional endorsements or additional coverages. BOP offers a more comprehensive package with pre-packaged coverages, making it a convenient choice for small to medium-sized businesses that want a standardized yet broad insurance solution.
OTHER HELPFUL LINKS
Still would like more information regarding general liability vs. business owners policy? Check out these articles below!
Awesome experience! Got coverage for TWO vehicles over the phone in about 30 minutes.
read moreread less
Mr. L.
7/21/2021
Cameron a good guy very helpful and good prices and very patient !!!!
read moreread less
Arturo R.
7/07/2023
Have always been amazing! Go above and beyond! Everyone there are always helpful, and always answer any question i have. Lauren is THEE GOAT! You will not be disappointed with A Plus Insurance!
read moreread less
jaime m.
3/29/2023
I worked with Lauren McKenzie for my quote. I moved from Georgia recently and my insurance with Geico went up 3x literally. I worked with Lauren for quotes for 2 cars and 2 people including my spouse and surprisingly quote was lower for 2 people then currently I am paying for a single person. Moreover she guided me how to change registration/plates after get insurance card. I 100% recommend this company to my friends and family. I would recommend promotion/hike for Lauren McKenzie. Thanks
read moreread less
Maulik K.
5/15/2022
Marlon was fantastic! Helped me when I needed it the most! I couldn’t have asked for a better person to help me get the insurance I needed.
read moreread less
Ashley L.
2/02/2023
Crystal was a wonderful and very helpful!
read moreread less
Dustin B.
12/07/2023
Lauren was great, very easy to deal with. Made the process very easy.
read moreread less
sam b.
3/08/2022
Always saves me money!! Marlon Moss is friendly and works hard!!
read moreread less
Beth B.
8/02/2023
The agent Cameron who assisted me, was one of the most pleasant & genuine agents I've had the pleasure of working with. He was very knowledgeable and represented his company to the fullest.
read moreread less
Louis H.
4/06/2023
Crystal was awesome! Saved me $
read moreread less
Timothy F.
2/03/2024
My rep was the absolute best I love my insurance company
read moreread less
The O.
3/01/2023
Marlon was a great help!
read moreread less
Jake S.
1/10/2023
Crystal does great everytime I wouldn't want anyone else! Very good.
read moreread less
Evan P.
7/21/2021
Marlon and the entire staff really listened to my situation and cared about me as a person. They worked hard to find me a much better car insurance rate and saved me $390 on my car insurance. Thank you Marlon!
Notes: Single vehicle: 2013 Ford Edge, 1 driver, mid 30's with a clean record. Multiple discount applied. Violation free, 1 accident
read moreread less
Clinton F.
6/30/2022
Great experience. It was accurate and a easy process.
read moreread less
Charles J.
2/21/2022
I spoke with Crystal VIA text and this was the EASIEST policy I’ve EVER ser up. The rates were WONDERFUL. The urgency to my situation was WONDERFUL. The customer service was WONDERFUUULLL. 10/10 recommend. Thank you so much!!
read moreread less
Mama L.
6/07/2023
I called around for MONTHS and kept either getting insurance too expensive, or agents that didn't care about me. At A plus I got a rate I was extremely happy with and they made the process smooth and fast
read moreread less
Jesus F.
7/21/2020
Notes: Single resident, age 42. Looking for a bargain on immediate renters insurance policies VA Prior insurance Acceptance. Auto Insurance on Honda to follow shortly.
read moreread less
Jamal W.
7/20/2022
Crystal was super sweet and so helpful. She went above and beyond for us!
read moreread less
Jennifer C.
12/07/2022
Lauren McKenzie was amazingly kind and understanding of needs. Listened to more than she needed to. Very good phone skills. In today day there is not much of that. I appreciate nice kind people with excellent phone skills.
read moreread less
Roxann H.
7/21/2020
notes: single male 53 purchase immediate non owners policy GA Prior insurance Safeway Lincoln
read moreread less
Ben G.
5/21/2022
Katie was very helpful in finding me the cheapest quotes and the process was smooth and seamless.
read moreread less
Landon P.
1/21/2022
Jola was so helpful. Quick & easy process! Thank you!!
read moreread less
Dez S.
7/21/2020
I have been dealing with your company for many years. I called spoke with your agent Crystal she was able to get me the best and lowest rate possible. She is is very helpful and courteous person, I am glad she is part of your team. I wish her the best.
Alternatives to Standard Auto Insurance for Texas Drivers- Minimum Requirements State Minimum Coverage Requirements Average Cost for Minimum Liability Coverage Texas 30/60/25 $537 The State…
Does Credit Affect Your Insurance? Does credit affect your insurance? In short, the answer is yes. Think of your credit like a powerful captain steering…