What is the overall purpose of having a General Liability Insurance policy?

The overall purpose of having a General Liability Insurance policy is to provide general financial protection against various claims that a business or individual may face. This type of insurance is designed to cover a range of liabilities, including bodily injury, property damage, and personal injury claims that can arise from everyday business operations.

It serves as a safeguard against lawsuits and claims resulting from accidents that may occur on the premises or due to business operations, thus helping to ensure that the insured is protected from significant financial losses. General Liability Insurance is essential for managing risk and maintaining financial stability in the face of unpredictable liability exposures.

The other choices do not encompass the broader coverage offered by a General Liability Insurance policy. For example, while theft of property might be covered under a different type of insurance, it is not the main focus of General Liability Insurance. Similarly, coverage for vehicle accidents is addressed by auto insurance, and protection against employee injuries specifically falls under workers' compensation, which is distinct from General Liability coverage.