Protect Your Business With Commercial General Liability Insurance Coverage
Every business owner is at risk when they open the doors of their new business. Whether the business is small or large, the risk remains the same. The world we live in is one where people are quick to make a claim against another. Therefore, if you own a business you open yourself up to an even greater risk of someone making a claim against you. Whether a claim brought against you is your fault or not, it is important to protect yourself with a basic commercial general liability insurance policy.
Commercial general liability insurance is your best defense against legal claims made against you. This insurance is not intended to cover your business property. That is covered by another type of insurance. Rather it insures your liability or responsibility to others for bodily injury, personal injury or property damage that happens in your place of business. It also protects you from liability in other places that you typically conduct business.
While CGL will not cover your personal business property it is often paired with property insurance as a packaged policy. In order to cover your liability, your responsibility to others, you must carry at least a minimum amount of commercial general liability coverage. Things that are typically covered in a CGL are the bodies or property of other people while in your place of business and personal injury as a result of your business. A fourth element of the CGL is protection for copyright infringement and/or slander in the course of advertising your business.
To summarize, there are four major components to a CGL or a commercial general liability policy:
1. Damage of property 2. Physical or bodily injury 3. Injury related to advertising 4. Slander/libel or Personal injury
A very nice feature that is included in the commercial general liability insurance policy is the cost of legal defense. Whether a claim is real or fraudulent, the typical CGL policy covers the cost of legal defense. This fact brings most business owners a great sense of relief since just one small incident can result in extremely large legal expenses.
The most important aspect of the commercial general liability insurance policy is the financial limits. Please be sure to discuss the levels of coverage with a qualified property & casualty insurance broker to get the most complete information on how best to protect your business.
Get a free commercial general liability insurance quote online to get the basic coverage your company requires. With a business product liability insurance policy, you receive specialized coverage if you sell, make or distribute consumer products.