Commercial General Liability Insurance Overview
In the case of an injury or property damage resulting from business operations or products, commercial general liability insurance protects a company’s assets and covers financial obligations that may arise. These obligations can include the cost of your legal defense and any settlement your company may be required to pay.
What Commercial General Liability Insurance Covers
Commercial general liability insurance is a broad insurance policy that can protect your business in many ways. Without insurance, in order to pay for costs incurred due to liabilities, your business may lose assets. However, commercial general liability insurance is intended to cover the costs incurred by several different types of liabilities, up to the limits of your insurance policy. The following are the basic liabilities that could be covered by a commercial general liability policy:
Personal Injury – The personal injury portion of a commercial general liability policy.
Property Damage – Your commercial general liability insurance policy is intended to cover the cost of replacing or repairing property that is damaged in the course of business, by the business owner or employees.
Advertising Injury – This portion of your policy is intended to cover costs related to advertising injury, including false advertising and slander.
A commercial general liability policy can also cover damages or injuries caused by products or completed operations away from the business premises. Your insurance broker can help you understand your options for customizing your policy.
Considerations for Commercial General Liability Insurance
Every business owner should have commercial general liability insurance. The type of coverage you’ll need will depend on the type of business you own and the perceived risk that is associated with your line of work.
Any business has the potential to be sued, whether for personal injuries, property damage, or advertising injury. Because the cost of litigation and things like medical bills can add up quickly, it is critical to insure your business to prevent facing total financial ruin when a mistake is made.
How to Get Started
Contact the insurance brokers at Fusco & Orsini if you have questions about commercial general liability insurance, or if you’re ready to choose a policy to protect your business. Request a free quote.