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A business owner's policy, or BOP, bundles general liability with coverage for business property, like tools or equipment. ... Workers’ compensation insurance covers employees’ medical costs ...
General liability: This type of insurance covers lawsuits involving bodily injury or property damage. Professional liability: This insurance is sometimes called "errors and omissions coverage."
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
According to Progressive, in 2022, the average general liability policy cost new customers $72 a month ($864 a year). The Hartford estimated that general liability costs $1,057 a year ($88 a month).
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
The liability portion of a business owner's policy offers coverage for third parties who suffer property damage, advertising injury or personal injury on a covered business's premises or caused by the business's owner or employees. [5] This coverage typically takes the form of compensation for legal fees related to third-party lawsuits over ...
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