Even in well-run businesses, accidents happen. Commercial general liability insurance is often your first line of defense against the financial ramifications resulting from an accident.
Whether these accidents result in property damage, bodily injury, or both, they can be costly for businesses.
Commercial general liability protects your business from financial loss should you be liable for property damage, bodily injury, or personal and advertising injury caused by your services, business operations, or employees.
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5 Basic Benefits Of Commercial General Liability Insurance
Simply put, a commercial general liability policy casts a wide net of protection for you and your business by covering a wide range of liabilities.
1) Third-Party Bodily Injury Protection
Something as simple as a guest or a client visiting your business and slipping on a wet floor can result in serious financial damages.
Commercial general liability provides coverage for bodily injuries suffered by third parties on your premises or to business operations.
2) Third-Party Property Damage Coverage
A commercial general liability will also protect your company if you are found liable for damage to someone else’s property.
Commercial general liability policies typically cover damage to tangible property and damages for the loss of use of tangible property.
3) Personal and Advertising Injury Liability
Not all damage is physical. A commercial general liability policy will also give you ample coverage for offenses by your company's employees, such as copyright infringement, slander, libel or malicious prosecution.
4) Medical Expenses
Commercial general liability policies will protect your company if a nonemployee is injured on your premises or in an incident related to your operations.
Coverage for medical payments can be triggered without legal action, allowing for smaller medical claims to be settled quickly and without litigation.
5) Legal Defense
Going to court or filing a claim against you can have company-changing costs.
Commercial general liability coverage includes protection for legal expenses if your business has a liability claim brought against it.
Running a business comes with plenty of risks, so it’s important to ensure you’re protecting yourself with the appropriate coverage.
If your current insurance professional has never addressed these issues with you before, then I’d encourage you to reach out to us at Rogue Risk, today.
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I hope this article helped you better understand commercial general liability.