Eligibility And The Need For General Liability
General liability is a type of insurance that is made to protect your business. It is insurance that is based on protecting your business from bodily damage or property damage. This is a question that is asked by many owners that run a private business. The question asked isn’t as to what GLI or general liabilityinsurance is, but whether it is necessary or not for their businesses.
It is a type of insurance that helps you generate your claims for any bodily damage or product/property damage in your business. Since the insurance is solely for business purposes and is made for commercial claims, this coverage has also been termed CGLI or commercial general liabilityinsurance.
Eligibility for general liability insurance:-
If you have this question in your mind as to how you can apply for general liability insurance, you must be clear that you need to have a standalone policy, and there are other key coverages. This means that you should have a policy stated for your business and the fact that you could bundle it with key coverages in your policy.
The policy, also known as the business owners policy or the BOP. Thus it could be applied anyhow by any means possible if you have a general liability insurance policy in your BOP. A question that arises here is that if you are eligible for general liability insurance, why should you apply for the same? Well, read more to find out!
Why apply for a general liability insurance policy?
General liability insurance covers any bodily harm done by your business as well as property damage. Since it may look expensive and tiresome that you have to pay a certain amount in insurance terms, it is surprisingly good as you would be saved when such a need occurs.
Suppose that some damage occurs to your property due to fire or mishandling that comes to thousands of dollars; it would be a major hit on your pockets. Thus general liabilityinsurance would cover every penny, and thus it would be very helpful.