Quick Tips on Orlando General Liability Insurance

Central Florida Insurance Agency

Orlando General Business Liability coverage goes by many names, but is one of the most basic strategies for protecting any operation against the financial burdens that accompany certain types of liability lawsuits. This coverage is designed to cover the cost of a business’s legal defense and any settlement or award should the operation be successfully sued. Typically these include compensatory damages, non-monetary losses suffered by the injured party, and punitive damages.

While general liability coverage won’t protect an operation from all the liability exposures they face, it does provide coverage in four key areas:

  • Third party injury: One of the primary reasons all businesses should attain general liability coverage is that these policies protect Orlando businesses from claims of causing direct or direct injury or bodily harm to a third party. This coverage kicks in if a client, consumer, or other third party gets hurt on or by business property general. An Orlando business’s general liability policy will provide for the necessary medical expenses.
  • Third-party property damage: General liability insurance can also protect businesses from the financial repercussions of property damage that is the result of the business, business owned property or employees. It will also protect tenants should they cause damage, such as fire or water damage, to a rented or leased property.
  • Slander, false advertising and other claims: General liability will often provide some level of protection against claims of some wrongful business practices such as false or misleading advertising, including libel, slander, and copyright infringement. However, the limits are often low and in most cases Orlando businesses will need to secure additional liability coverage to bolster their protection in this area as these lawsuits frequently get costly.

Orlando general liability insurance can be purchased on its own or included as part of a Business Owner’s Policy (BOP) or other package policy, which bundle liability and property insurance into one policy for ease. However, when bundled together liability coverage limits tend to be quite low, which often leaves businesses unknowingly exposed financial losses. According to the U.S. Small Business Administration, when purchased as a stand alone policy the annual premiums for general liability insurance range from $750 to $2,000 depending on your line of business and coverage needs, making this coverage one of the most affordable insurance options for many small businesses.

At Newman Crane, we specialize in helping Florida business owners find the Orlando small business insurance and risk management solutions they need to protect their employees and their assets. If you are looking for quality commercial insurance programs at affordable rates, contact us today at (407) 859-3691 to learn more how our Central Florida Insurance Agency can help you.