COMMERCIAL GENERAL LIABILITY
Commercial General Liability Insurance
A commercial general liability (CGL) coverage protects your company from financial loss if your services, business operations, or personnel are responsible for property damage, physical injury, or personal and advertising hurt. Simply stated, a CGL insurance protects you and your company by covering a broad range of responsibilities, including:
- Medical expenditures are covered. Workers’ compensation insurance may pay the expenses of treatment if an employee needs medical care due to a work-related sickness or accident. Expenses for hospital visits, medical treatments, and medicines are included.
- Protection from physical harm caused by a third party. Even something as simple as a visitor or customer stumbling on a damp floor might result in significant financial losses. CGL protects you against bodily injury claims made by third parties on your property or in connection with your company activities.
- Coverage for harm caused by a third party. In the event that you are judged accountable for damage to someone else’s property, a CGL will safeguard your business. Damage to tangible property as well as damages for loss of use of tangible property are often covered by CGL insurance.
- Liability protection for personal and advertising injuries. Physical harm isn’t the only kind of harm. A CGL insurance will also provide enough coverage for copyright infringement, defamation, libel, and malicious prosecution committed by your company’s workers.
- Medical expenditures are covered. If a non-employee is hurt on your property or in an event linked to your activities, CGL coverage will protect your business. Medical payments coverage may be activated without the need for legal action, allowing lesser medical claims to be handled swiftly and without the need for litigation.
- A solid line of defense. Going to court or having a lawsuit made against you may be very costly to your business. Legal fees are covered under CGL coverage in the event that your company is sued for a liability claim.
Commercial General Liability Insurance vs Comprehensive Insurance
What is the difference between comprehensive and commercial general liability insurance? They both signify the same thing. To ensure that their consumers understand what is covered, insurance firms no longer use the phrase “comprehensive” when discussing general liability insurance.
Customer injuries, damage to a customer’s property, product liability, and defamation or copyright infringement are all covered under commercial general liability insurance. This is usually the initial insurance coverage purchased by a new company.
Commercial Umbrella Insurance Coverage
When the liability claims made against a company exceed the limits of an underlying insurance policy, such as a General Liability Insurance or a Commercial Auto Insurance policy, the coverage provided by commercial umbrella insurance steps in to assist with the payment of such claims.
If you have a business umbrella insurance coverage, it will cover the costs of any legal fees, medical bills, damage you do to the property of another person, as well as any court judgements or settlements.
Commercial umbrella plans are written by insurance firms, and the aggregate limits may range anywhere from one million to fifteen million dollars.
If you have a business umbrella insurance coverage, it will cover the costs of any legal fees, medical bills, damage you do to the property of another person, as well as any court judgements or settlements.
Commercial umbrella plans are written by insurance firms, and the aggregate limits may range anywhere from one million to fifteen million dollars.
Because running a company exposes you to a significant amount of risk, it is important to take the necessary precautions to safeguard your assets by securing adequate insurance protection. Get in touch with us to learn more about how a CGL coverage may safeguard your bottom line.