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For two hundred years, the modus operandi of the insurance industry has been to follow the status quo. Today, protecting and growing your business demands a new perspective. It is time for a different way of looking at risk.
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Koru offers peace of mind by building and managing efficient risk management solutions that align with our clients’ business objectives.
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General liability insurance, often referred to as business liability insurance or commercial general liability (CGL) insurance, is a foundational policy that provides coverage to a business for bodily injuries, personal injuries, and property damage caused by the business’s operations, products, or injury that occurs on the business’s premises.
Typical Claim Scenarios
Third-party bodily injury: If a customer gets hurt after slipping and falling in your store, they can sue your business. Your insurance policy includes bodily injury liability coverage, so it can help pay for their medical bills.
Third-party property damage: If you or your employees work at a client’s house, your business faces a risk of causing property damage. Property damage liability coverage can help pay for repair or replacement costs if your business damages someone else’s belongings.
Reputational harm: Someone can sue your business for libel or slander because of something you or your employees said. If this happens, general liability insurance can help cover your legal costs to defend your business.
Advertising injury: Your business can get sued for copyright infringement. For example, a photographer can sue you if you use their photo in your ads without permission.
Additional Considerations
Liability claims aren’t uncommon and can get expensive. In fact, 4 out of 10 small businesses will likely experience a liability claim in the next 10 years. Slips and falls are the leading cause of emergency room visits.1 The average cost of this kind of claim is $35,000. If a claim leads to a lawsuit, it can increase its average cost to more than $75,000 to defend and settle. Without general liability insurance, your business would have to pay for these costs out of pocket and it can put you out of business. You may also need general liability insurance before you can work with other businesses. Some companies may ask you to provide proof of insurance, also known as a certificate of insurance.
The intricate field of insurance is often challenging for businesses to navigate. The emergence of Insurance Risk Purchasing Group (IRPG) or more commonly known as Risk Purchasing Group (RPG) offers a collaborative approach for organizations to streamline their insurance procurement processes.
According to a Moody's Ratings survey, reinsurance buyers are showing a strong preference for catastrophe bonds, with over 80% expecting to use them in the coming year, marking the highest demand in four years. Sidecars are also expected to see elevated demand, while collateralized reinsurance remains attractive but slightly less preferred than the previous year. Despite the shift toward alternative capital markets, buyers still value long-term relationships with traditional reinsurers.
Fitch Ratings expects strong growth in the alternative reinsurance capital market, particularly for catastrophe bonds and other insurance-linked securities (ILS), into 2025, unless significant catastrophe losses occur in the second half of 2024. Investor demand remains high due to attractive returns and limited recent loss activity, with a growing interest in private ILS and collateralized reinsurance.
The insurance-linked securities (ILS) market set new records in the first half of 2024, driven by strong demand from investors and robust catastrophe bond issuance, with over $12.3 billion issued across 49 transactions. Despite heightened catastrophe activity and significant insured losses, the ILS market remained resilient, with minimal impact on outstanding bonds. Swiss Re notes that the cat bond market continues to offer attractive relative value, with strong returns reflecting sustained investor confidence.
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