Legal

    General liability insurance

    Insurance covering claims for bodily injury and property damage you cause to others.

    Definition

    Required by most commercial customers and many residential. Typical policy: $1M per occurrence, $2M aggregate. Annual cost: $500–$2,000 for a small trade.

    Related terms

    Indemnification clause

    A contract term shifting financial responsibility for certain risks to the other party.

    Workers' compensation insurance

    Insurance covering employee medical bills and lost wages from work-related injuries.