Accidents may happen even in the best-run businesses. Whether these catastrophes cause property damage, bodily injury, or both, the expenses of coping with them may be too high for businesses. As a consequence, your business must be safeguarded against a broad variety of risks.
A commercial general liability (CGL) insurance can protect your business from financial loss if you are held responsible for property damage, physical injury, or personal and advertising harm. If your services, business operations, or personnel are held responsible for property damage, physical harm, or personal and advertising injury, commercial general liability insurance will protect your firm. Simply put, CGL insurance offers comprehensive protection for you and your business by covering a variety of responsibilities, including but not limited to:
Protection against physical injury caused by a third party
A visitor or client may lose a substantial amount of money at your business with just one slip on a damp floor. A CGL insurance protects you against bodily injury claims brought by third parties who are harmed on your premises or while doing business with you.
Third-party property damage liability insurance
A commercial general liability insurance policy may also cover your company if you are found liable for damage to another person’s property while doing business. CGL insurance, in general, covers both physical damage to tangible property and losses resulting from the loss of use of tangible property.
Personal injury liability and advertising injury liability are both covered by insurance
Physical damage isn’t the only kind of harm. Copyright infringement, defamation, libel, and malicious prosecution are all covered by CGL insurance.
This insurance pays for medical expenses
Your CGL insurance will protect your company from responsibility if a non-employee is injured on your premises or in an incident related to your business. Medical payments coverage may be triggered without the need for legal action, enabling small medical claims to be settled more quickly and without the need for litigation.
An effective line of defence
Going to court or having a lawsuit filed against you may have far-reaching implications for your company. Your business general liability insurance coverage will cover the expenses of defending a lawsuit if your firm is sued for a liability claim.
Would you want to learn more about commercial general liability insurance?
Because running a company entails taking risks, it’s critical to make sure you’re properly covered with the right insurance. Contact us right now to learn more about how CGL insurance may help you protect your bottom line!
Certain items, such as employee injuries or sickness, are not covered by GL insurance. To help cover these kinds of claims, you’ll need workers’ compensation insurance. This insurance policy also excludes any mistakes or omissions in the services you provide. Professional liability insurance, on the other hand, would assist cover these types of claims.
GL Insurance Demonstrates the Benefits of General Liability Insurance for Business Maturity You want to demonstrate to your clients that you are responsible and trustworthy as a company owner. Having a GL insurance policy in place does this. This kind of insurance demonstrates that you are aware of the dangers your firm encounters in its everyday operations.