General Liability Insurance in Oklahoma

What is General Liability Insurance?

General Liability (GL) is an insurance policy that provides protection in the event of a bodily injury, property damage, or a lawsuit in which someone holds your business or company financially responsible. This can prevent a legal suit from being a disaster for your company by providing financial assistance for your business. If your business is responsible for an accident, it can be expensive. For that reason, having general liability insurance for your company is extremely important.

What does General Liability Insurance cover?

As mentioned above, General Liability policies pay losses that occur from bodily injury, property damage, or personal injury on your business premises or that are a result of your operations. There are some additional coverages that might be available for extra protection.

General Liability usually provides the following coverages:

  • Bodily Injury – cost of medical care, loss of services, and death restitution for spouses or dependents
  • Property Damage – physical damage to property of others or loss of use of property of others
  • Products – Completed Operations – provides liability protection if an injury were ever to result from a product or service your company made or provided.
  • Product Liability – this is a more specialized coverage for protection for your company against a lawsuit that arises from a product related injury or accident.
  • Contractual Liability – this coverage extends to liability you assume when you enter into a variety of different contracts.
  • Other types of liability insurance that may be included or could be added on are: Reasonable Use of Force, Borrowed Equipment, Liquor Liability, Non-Owned Vehicles (including aircraft and watercraft), Fire, Lightning or Explosion Damage, Water Damage, Legal Defense Costs, Medical Payments, Personal Injury, and Specialized Liability that is specific to unique business types.

Things to Consider about General Liability Insurance:

Please note if you have a personal umbrella liability policy, there is usually an exclusion for any business related liability. Make sure you have the proper liability coverage if you have a business or company.

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