What is General Liability Insurance?
Updated: Oct 29, 2021
How General Liability Coverage Protects your Business
General Liability coverage ensures that your business is protected when it comes to claims of negligence by helping to pay expenses which are related to third-injury party injuries and property damage.
It covers businesses from several common risks, including:
Customer property damage
Libel and slander
General Liability Insurance can help safeguard contractors against claims that may damage them and their business.
What is the difference between General Liability and Professional Liability?
Many contractors will wonder, what is the difference between general and professional liability? There are clear similarities and differences between the two in terms of the cover they provide.
Both General Liability and Professional Liability protects against business liabilities and can help lift the financial burden that an accident may cause to a business. However, the main difference between these two areas is that they cover vastly different areas of risk. General Liability is the cover that protects people and their properties against physical injury which occurs because of a business’ activity. For example, if you are a contractor who has recently completed work on a deck, you would be liable if someone were to fall through a board on the deck.
Professional Liability covers negligence related to professional services, usually connected to economic loss. For example, if someone provided bad business advice which caused their client a loss in income. Here at AM RE, we currently do not offer Professional Liability programs and instead primarily focus on the area of General Liability.
Does AM RE offer General Liability for Contractors?
AM RE currently offers standard primary General Liabilities for artisan contractors. We focus on low limits exposure, writing max limits of:
$2M (Each Occurrence)
$4M (Products-Completed Ops)
$4M (General Aggregate)
As a reinsurance intermediary, we offer Property Casualty treaty reinsurance, traditionally using a Quota Share model. In a class where competition is strong; market consistency, strong broker relationships and innovative software have proven vital to the success of the General Liability programs we reinsure.