Protect Your Business with Berkshire Hathaway General Liability Insurance

General liability insurance is an essential coverage for businesses of all sizes and industries. It provides protection if your business is sued for situations like third-party bodily injury, property damage, personal injury, and advertising injury. While not mandated by law, general liability insurance is frequently required by landlords, vendors, and clients. Even when not compulsory, having this coverage brings peace of mind knowing you have financial protection if an accident or incident occurs.

As a leading insurance provider, Berkshire Hathaway offers comprehensive general liability policies designed to meet the needs of today’s businesses. Read on to learn more about Berkshire Hathaway general liability insurance and how to get the right protection for your company.

What is General Liability Insurance?

General liability insurance covers legal costs, settlements, and judgments if your business is liable for:

• Bodily injury: Injuries to a third-party (someone other than an employee) that occur on your property or as a result of your operations. For example, a customer slips and falls in your store.

• Property damage: Damage to property owned by others, either on your premises or at another location. For instance, your employee accidentally damages a client’s office while working off-site.

• Personal and advertising injury: Libel, slander, copyright infringement, misappropriation of likeness, false arrest, and more. For example, your ad agency designs an ad that closely mimics another company’s ad.

• Medical expenses: Payment for medical treatment related to a covered bodily injury claim.

• Legal defense costs: Attorneys fees and court costs associated with defending against a covered liability claim.

General liability policies have liability limits to cap the amount the insurer pays per claim and in total across multiple claims. Common options are $1 million per occurrence and $2 million aggregate.

Who Needs General Liability Insurance?

Almost every business needs a general liability policy. Consider getting coverage if your company:

• Has a physical location customers visit
• Sends employees or reps to clients’ locations
• Manufactures, distributes, delivers, or sells products
• Provides professional services or advice
• Uses independent contractors
• Has events open to the public

Some examples of businesses that need general liability insurance include:

• Retail stores
• Restaurants and bars
• Hotels and event centers
• Manufacturers and distributors
• Consultants and service providers
• Contractors and tradesmen
• Venues and entertainment businesses
• Healthcare providers
• Nonprofits and charities

Landlords and vendors frequently require proof of liability coverage too. Having adequate insurance is also important if you work with hazardous materials, use heavy equipment, or have potential risks on your premises like pools or playgrounds.

Berkshire Hathaway General Liability Insurance Options

Berkshire Hathaway provides general liability insurance policies through leading insurers like Berkshire Hathaway GUARD Insurance Companies and biBERK. Available options include:

Standalone General Liability

A standalone general liability policy provides coverage only for third-party bodily injury, property damage, personal injury, and advertising injury claims. Standalone policies allow you to get precisely the coverage you need.

Businessowner’s Policy (BOP)

A BOP bundles general liability insurance with coverage for commercial property damage, business interruption, commercial auto, and more into one convenient policy. BOPs are a popular choice for small and mid-sized businesses.

Professional Liability

Also called errors & omissions (E&O) insurance, professional liability covers claims alleging your services did not meet the degree of care and skill normally expected in your industry. Professional liability is critical for consultants, service providers, and other businesses selling expertise.

Product Liability

Product liability insurance covers injury or property damage claims alleging your product was defective or unsafe. It’s essential for manufacturers, retailers, and distributors of physical products.

Key General Liability Policy Features

Berkshire Hathaway policies offer broad protection suitable for most companies. Key general liability policy features include:

• No deductible: Claims are covered in full up to the liability limits, with no out-of-pocket deductible.

• Occurrence-based coverage: Policies cover incidents that occur during the policy period, even if claims arise years later. This ensures you’ll have coverage even after retiring or selling your business.

• Primary liability: Berkshire Hathaway general liability policies pay covered claims first before any other applicable insurance.

• Claims-made coverage: Some policies cover claims first made during the policy period. Occurrence-based coverage is generally preferable for businesses.

• Additional insured protection: Policies can be endorsed to add clients, vendors, and others as additional insureds. This gives them coverage under your policy concerning work you do for them.

• Defense outside the limits: Legal defense costs do not erode your liability limits.

• Replacement cost value: Lost or damaged property belonging to others is covered for full replacement cost without depreciation.

• Worldwide coverage: Policies cover eligible incidents worldwide, except embargoed countries.

• Policyholder services: Access useful risk management resources and easily manage your policy online.

General Liability Insurance Costs

General liability insurance rates vary based on factors like:

• Industry
• Location
• Years in business
• Revenue
• Claims history
• Coverage limits

However, Berkshire Hathaway works to keep premiums affordable for small businesses. Liability insurance starts at about $27 per month. Getting quotes from multiple insurers helps ensure you get the best rate.

You can also save on premiums by:

• Increasing deductibles
• Lowering coverage limits
• Excluding certain exposures
• Implementing risk management strategies

Customizing Your Policy With Endorsements

Endorsements modify the general liability policy to fit your business’s specific risks. Common endorsements include:

• Liquor liability: Covers claims arising from the serving of alcohol.

• Cyber liability: Provides protection in the event of a data breach.

• Hired and non-owned auto: Covers use of personal or rented vehicles for business purposes.

Discuss endorsements with your Berkshire Hathaway agent to ensure your policy meets your company’s needs.

General Liability Claims Examples

Here are some examples of how general liability insurance would cover typical small business claims:

• Slip-and-fall injury: A customer slips on a wet floor in your store, fractures their hip, and sues for $120,000 in medical bills. Your policy pays the claim, less the deductible.

• Damaged equipment: An employee drops a client’s laptop worth $2,500 while working on-site, accidentally destroying it. Your policy pays the client full replacement cost for the laptop.

• Defective product: Someone is injured using your company’s product and sues for $400,000. The claim would be paid by your product liability policy, up to the coverage limits.

• Copyright infringement: Your marketing materials are found to infringe another company’s copyrights. Their lawyer sends a demand letter asking for $75,000. Your policy pays the settlement and legal costs.

Getting Berkshire Hathaway General Liability Insurance

Purchasing the right liability insurance for your business is easy with Berkshire Hathaway. You can get a fast quote and buy a policy online 24/7. Or chat with a friendly agent for expert guidance picking the optimal coverages and limits.

Key advantages of choosing Berkshire Hathaway for your general liability insurance include:

• Trusted provider: Berkshire Hathaway has an A++ rating and 75+ years experience.

• Direct savings: Buying direct from Berkshire Hathaway saves up to 20% over other insurers.

• Policyholder benefits: Access useful risk management tools and easily manage your policy online.

• Superior claims service: Claims are handled promptly and fairly by Berkshire Hathaway’s expert team.

Don’t take chances with your company’s assets and future. Protect your business today with comprehensive, affordable general liability insurance from Berkshire Hathaway. Their experienced team makes it easy to get customized coverage that fits your exact needs and budget.