Purchasing a General Liability policy often elicits a “catch-all” insurance feeling in many businesses. Many companies advertise the existence of a general liability insurance policy as a way to provide assurance to their customer base. Businesses routinely request a copy of insurance from their vendors, service providers and contractors before they finalize purchase agreements. Payment terms are often not completed until a valid certificate of general liability is provided to the party paying for the work.
With so much emphasis on a general liability policy, it must be a great policy, right? The general liability policy covers most of the stuff we do for our clients, right? To cite an often-used line by ESPN’s personality and prior coach Lee Corso, “Not So Fast!”