Commercial General Liability Insurance
Commercial General Liability (CGL) insurance is one of the most important types of insurance for businesses. It protects against lawsuits and liabilities resulting from injuries, property damage, and others arising from your business operations.
Do I need it?
Commercial general liability insurance is important for any business that may potentially face lawsuits related to property damage or injury. This includes companies in industries such as construction, manufacturing, hospitality, and retail.
Sole Proprietors
Small business owners
Large companies
Ultimately, any business that regularly interacts with customers or operates in environments with potential hazards should consider obtaining CGL insurance to protect against unexpected legal costs and liabilities.
How CGL Insurance Works
CGL insurance is a type of liability insurance that businesses purchase to protect themselves from financial losses arising from lawsuits or third-party claims. If your business is sued or someone files a third-party claim against you, CGL insurance will help pay for your legal expenses, judgments, or settlements up to the policy limit. The policy limit is the maximum amount of money that the insurer will pay under the terms of the policy.
What Does CGL Insurance Cover?
CGL insurance typically covers four areas:
Bodily injury
Property damage
Personal and advertising injury
Medical expenses.
Bodily injury refers to physical harm that is suffered by another person as a result of your business operations. This could include something as minor as a slip-and-fall accident at your office or shop.
Property damage, on the other hand, refers to damages sustained to another person's property as a result of your business operations. For example, if a piece of equipment you rented out damaged a customer's home, CGL insurance would help pay for the repairs.
Personal and advertising injury protects you from claims arising from false imprisonment, slander, libel, and more.
Medical expenses provide coverage for the medical bills incurred by someone who was injured on your property.
What else do I need?
When running a business, liability insurance is a crucial investment to protect against lawsuits and accidents. While commercial general liability insurance covers a wide range of risks, certain liability coverages may be worth considering for added protection. Options to include can be:
Professional liability insurance, also known as errors and omissions insurance, can provide coverage for negligence in the provision of services.
Product liability insurance can protect against lawsuits and damages stemming from defective or unsafe products.
Employers may want to consider workers' compensation insurance for employee injuries on the job. By considering these additional liability coverages, businesses can better safeguard themselves against potential liability claims.
We're here to help you protect your business! Call us today for a free quote.