General Liability Insurance

General liability insurance — or business liability insurance — safeguards your business from claims related to property damage, bodily injury, personal injury, and other threats that could put your business at risk. And those risks can be huge.

Tomins takes the stress out of finding insurance for business owners, working hard to find you the best coverage for your unique needs. The last thing you need is another thing keeping you up at night.

Tomins — because you deserve an insurance partner that works as hard as you do.

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Do I Really Need General Liability Insurance?

Regardless of what industry your business operates in, the answer to this question is almost always yes. While general liability (also called business liability) insurance often isn’t legally required, the protection it can provide a business more than justifies its cost.

In fact, depending on the type of business you own, you may need general liability insurance coverage before your state will allow you to apply for a professional license.

Beyond state licensing requirements, electricians, plumbers, and a number of other of artisan contractors often need to carry general liability insurance just to set foot on a commercial job site.

Some businesses that almost always need general liability insurance include:

  • Most types of contractors (general, subcontractor, etc.)
  • Real estate businesses and property management
  • IT businesses and contractors
  • Landscaping businesses
  • Consultancies

Even if your business is not listed here, there’s a good chance that general liability insurance is still important for your company if you or anyone you employ:

  • Services client equipment (e.g., IT support and service)
  • Conducts business or business-related activities at a third-party location
  • Is required to carry general liability insurance by a business contract
  • Works directly with clients in person or visits their place of work (or vice versa)

Even if your business doesn’t meet the qualifications above, GL is an insurance coverage that still makes sense in most situations. Considering that a single mistake or accident could lead to a lawsuit that threatens your entire business operation, you should strive to carry enough liability coverage to cover your unique risk exposure. 

At Tomins, we know insurance can be confusing and frustrating. We’re here to help. Reach out for a free commercial general liability quote here now. Let us take the headaches out of insurance for your business.

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Frequently Asked Questions About GL Insurance

What is a certificate of insurance?

If you work as a contractor, you’ve probably been asked for a COI as part of getting authorization to work on a job site. Also known a certificate of insurance, a COI is a document listing all of the coverages and limits of your specific insurance policy. A COI is typically required by the company in charge of the job site or premises your business will be working on, as a way to prove that you have enough insurance to cover any liability your operation may create.

Does general liability insurance have a deductible?

In most cases, GL insurance does not have a deductible. Because general liability coverage focuses on remedying third-party damages, it works much in the same way as the liability insurance you’re required by law to have for your car. Although there are rare circumstances in which your GL policy would have a deductible, the majority do not require one. For specific questions related to your unique business, reach out to a Tomins business insurance expert today.

Does my general liability insurance cover theft and vandalism?

As we mentioned above, general liability insurance is designed to help pay for costs related to damages to third parties that are caused by your business operation. Because theft and vandalism are damages to your business caused by another party, they are not covered in a general liability policy. If you need theft insurance for your business, Tomins has you covered. Check out our commercial property insurance page here for more information, or speak with a Tomins business insurance expert today.

Is general liability insurance tax deductible?

General liability insurance premiums are usually tax deductible as a CODB (cost of doing business) expense. While most situations allow for a general liability premium cost to be written off, there are some exceptions. We recommend discussing all potential deductions with a tax accountant before filing your taxes with the IRS.

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What Does General Liability Insurance Cost?

The cost of general liability insurance for your business is dependent on a variety of things — from the nature of your work to your unique risk exposure.

To get a little more specific, some other factors that influence a commercial general liability quote include (but are not limited to):

  • The size, location, and condition of your business office, shop, or storefront
  • The number of years your business has been operating
  • The relative risk of your industry as a whole
  • Your history of past claims

If you’re ready to get an exact quote for general liability insurance for your business today, Tomins is here to help.

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