An Ultimate Guide to Commercial General Liability Insurance

Commercial general liability insurance is an essential investment for every business. It covers your business against injuries and property damage due to operations in the day-to-day running of the business. This type of coverage is considered comprehensive insurance for businesses, but it doesn’t cover all your company’s risks.

What is commercial general liability insurance?

Commercial general liability insurance is a coverage common in businesses. It provides financial protection to companies against liability claims arising from their normal business operations.

For instance, General Liability Insurance for Business North Miami Beach covers various potential risks faced by most businesses. These may include personal injuries, property damage and advertising damage. Investing in such insurance coverage guards your business against injury lawsuits by clients or defamation. With this type of coverage, you can add other companies or individuals to your cover as “additional insured”.

Types of coverage included in commercial general liability insurance

1. 1.Bodily injury and property damage liability

Bodily injury and property liability coverage protects against claims arising from physical injuries on the business. For instance, if a client slips and incurs injuries in your shop or if your business accidentally damages someone else’s property, this coverage will come in handy.

2. Personal and advertising injury liability

Personal and advertising injury liability coverage protects against claims of non-physical injuries. These may include defamation, slander, or copyright infringement. It covers damages caused by your business’s advertising or other personal actions that may hurt someone else’s reputation.

3. Products and completed operations liability

Products coverage from Del Toro Insurance protects against claims arising from injuries or damages caused by a company’s products. It also covers liabilities related to completed work or services provided by your company. For instance, if your products cause harm to a consumer or if a service you performed leads to property damage, this coverage will cater to the damages.

4. Premises and operations liability

This coverage protects against claims for injuries or property damage on your business premises. It also covers injuries resulting due to your business operations. It includes coverage for accidents or incidents at your office, store etc.

What does commercial general liability insurance cover?

Commercial general liability insurance will cover most damages in your business. However, the coverage has some limits. It will not cater to damages resulting from intoxication, pollution or automobile accidents. If your business is involved in such risks, you will need to purchase additional coverage. The coverage also doesn’t cover professional errors, omissions, or negligence.

What’s the cost of commercial general liability insurance?

You will get many insurance companies offering commercial general liability insurance covers. However, the cost of a general liability insurance policy will depend on the provider and business size. The risks and operations of the business also matter and will determine your premiums. For small businesses, you may pay $300 and $1,000 for big companies.

How can I choose the best commercial general liability insurance company?

There are various insurance companies, and your choice will depend on your needs and budget. Consider things like experience, customer service, reviews and cost. While there are various insurance providers, not all will suit your needs. Choose an insurance company that has existed for years and offers exceptional services. The team should also be experienced and guide you in choosing the most suitable policy.

Conclusion

Commercial general liability insurance will protect your business against various risks. It will cater to property damage, personal injuries and advertising injuries. In case of lawsuits, the coverage will cover attorney fees and many other expenses relating to the suit. However, the coverage excludes some risks, so discuss this with your provider. Also, buy the premiums from a reputed insurance provider and understand what’s included in your policy.