What Does Commercial General Liability Insurance Cover?
Nowadays, mostly all the business simply has commercial general liability insurance. Thus, it is important for you to understand what it covers and what it does not cover.
What is Commercial General Liability?
Commercial general liability (CGL) protects your business by providing you the insurance policy which covers your business for property damage, personal or bodily injury due to any business operations, products or any injury which accord within the business premises. Commercial general liability is known as a comprehensive business insurance policy as it not only protects you and your business but also protects your employees, despite the fact it does not entertain you to cover all the risks you may face in business. its policies protect you from the expenditure of litigation, out-of-court settlements, and the judgments passed by the courts.
Customer’s bodily injury
If a customer got injured in your business premises then general liability insurance can entertain you to pay for his medical bills immediately but if the customer sues your company or business.
Customer’s property damage
General liability insurance policy also helps you by bearing the expanses of your client or customers property or stuff, for example, mobile, laptop, etc. if the client’s property is damaged at your workplace then general liability insurance will bear the expenditures to replace or repair the thing.
General liability insurance entertains you in a broader perspective. It gives you the benefit by helping you to deal with advertising injury, which means your company’s marketing department violates the copyright of someone and they sue you. At that point general liability insurance steps in to provide you its assistance and pay for the expenses of the lawsuit.
Different levels of coverage
Commercial general liability policies have various levels or kinds of coverage. A policy may contain coverage of the site, which safeguards the business from the claims that occur at the business on the physical site during day-to-day business operations. It may also have additional coverage for the damage of property, resulting in finished products and bodily injury. In this case, if the limit of commercial general liability policy exceeds then excess liability coverage can be purchased to cover your claims.
It is essential for the businessman to understand and differentiate between an occurrence policy and a claims-made policy while getting the commercial general liability insurance. An occurrence policy covers claims provided that the claim event happened during a defined time period and does not cover and entertain claims stopping from claim events that happened before the policy came into effect. While the claims-made policy is different from occurrence policy as it offers coverage over a defined time period and covers or entertains claims made during that specific time period, even if the event of the claim happened at a different time.
Commercial general liability policies also have some additional policies like a business can also buy policies that provide coverage for other various risks of the business. As, the business or company can buy employment practices liability coverage to safeguard itself from the employee’s claims related to wrongful termination, sexual harassment, and discrimination. A company or business can also buy an insurance policy to cover blunders and errors made in fiscal reporting statements, besides the coverage for damages, resulting due to the actions of officers and directors.
Depending on the type of your business you may need some additional insurance coverages and commercial general liability provides you those policies on your demand. One of them is pollution liability and the second one is liquor liability.
This kind of coverage is beneficial for agriculture, industrial, and commercial business owners. Its developers and managers have a wide range of pollution liability protection for accidental, gradual, and sudden, first and third-party environment liabilities. It also safeguards the resources of the company from the unpredicted environmental exposures which could have an extensive impact or implications on the earnings. It also safeguards against the unexpected pollution threats that may lead to bodily injury, population clean-up, and property damage costs.
Liquor liability is referred to the additional insurance policy which coverage safeguards your business against damage and loss claimed as the result of your business patron becoming drunk and, in its reaction, injuring herself or himself or other persons. This coverage is important for you to take if you are manufacturing, serving, selling, or facilitating the purchase or use of alcohol.
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