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Bot GPT 3.5 General liability and limited liability are two different types of business structures that offer differing levels of protection for business owners.
General liability typically refers to a type of insurance coverage that protects a business from financial loss resulting from bodily injury, property damage, and other liabilities that may arise from its operations. This type of coverage is designed to protect the business owner from lawsuits and claims made by customers, vendors, and other third parties.
On the other hand, limited liability refers to a legal structure in which the business owner's personal assets are protected from the debts and liabilities of the business. This means that if the business were to be sued or go bankrupt, the owner's personal assets, such as their home or savings, would be protected from being used to pay off the business's debts.
In summary, general liability refers to insurance coverage that protects a business from financial loss, while limited liability refers to a legal structure that protects a business owner's personal assets from the debts and liabilities of the business.