A fundamental type of coverage that every business, big or small, needs to obtain is general liability insurance. It protects your business from any liability to a third party – in the form of bodily injury, property damage, or personal injury that is caused by your business and its activities. An accident can never be predicted and can happen to someone who’s not your employee too. So, one needs to be prepared for it at all times. Did you know that the average insurance claim arising out of customer injury is $35,000? General liability insurance can give you a buffer and insulate your business from expensive lawsuits and other expenses.
Here is a list of five general liability insurance companies that offer wide coverage, good customer service, and are financially strong.
The Hartford sets the bar high with its tailor-made plans that offer coverage for your business’s unique risks and needs. Among its special benefits are the pay-as-you-go plans using which businesses significantly reduce under or over-paying for their premiums. The Hartford also does exceptionally well in providing coverage for high-risk industries like manufacturing, import, distribution, etc. The company also boasts an extensive network of healthcare providers in the U.S who can come to the aid of workers. Businesses are also eligible for a discount of 5% if they bundle their plans with workers’ compensation insurance.
Chubb has a big name in the general liability insurance industry and has experience of over 130 years in insurance and services for businesses all around the globe. Its policies cover crucial aspects related to any business like privacy, earthquake, and cyber data. A business might also be able to include its lessors and vendors as part of the insurance. Due to its long haul in the industry, the company also enjoys excellent ratings in financial strength and customer satisfaction.
Berkshire Hathaway GUARD Insurance Companies
Berkshire Hathaway GUARD scores points for offering very helpful safety training programs for its customers. GUARD is a part of the Berkshire Hathaway group of companies, and it concentrates on insuring small and medium businesses in particular. It offers an aggregate limit of $6 million and places more of its focus on automotive and restaurants. In addition to safety training, it also instructs clients on how to control losses and identify fraud. Its very simple yet comprehensive plans are a great fit for small businesses looking for general liability insurance.
Hiscox is perfect if you have a micro business or an independent contractor because its plans start at surprisingly low prices and are available for a whopping 180+ industries that include fitness trainers, janitors, salons, acupuncturists, and many more. Hiscox offers many other business insurance products apart from general liability insurance. The company, based in Bermuda, operates in 14 different countries and all 50 U.S. states. Its standard coverage limit is $2 million, but it allows you to increase the limit depending on underwriting approval. Since it is meant for independent contractors and freelancers, it also includes coverage for legal costs.
Travelers is a highly-reputed commercial property insurance company that has a rating of A++ from AM Best. Companies from over 20 industries (transportation, retail, and even public entities) can find a suitable insurance plan at Travelers. It is also the second-biggest commercial property insurer in the U.S. by the number of premiums it has written. It also hands out more workers’ compensation insurance than any other company in the U.S. It has a strong network of local, independent insurance agents, so you can rest assured of finding a personalized plan. It has a claims center that operates 24/7 and has a mobile app too.