Commercial general liability insurance, or CGL insurance, helps protect your business against bodily injury, personal injury, or property damage claims filed against your business. For example, if your business’ product injured a customer or damaged their property, your CGL insurance policy would help cover resulting legal costs.
The property damage mentioned above is just one example. A commercial general liability policy can protect your business against many different claims that might be caused by:
Commercial general liability insurance applies in many different situations. Say that a customer slips on ice while entering your store and breaks an ankle. Or you send an employee to install a fridge in a client’s home and they damage the client’s door. Your commercial general liability coverage can help in these situations and more.
Lawsuits can quickly get expensive. If you’re sued for a cause that’s covered by your policy, your commercial general liability insurance can help to cover expenses like your attorney fees, as well as any medical payments, judgments, and settlements your business is required to pay.
Commercial general liability insurance is an important investment in protecting your business, but it doesn’t cover all of the risks that come with running a business. Your CGL insurance won’t cover any damage that is intentionally caused. It also doesn’t cover accidents in which a vehicle, aircraft, or watercraft is involved.
If you want more complete protection, consider pairing your CGL insurance policy with a commercial automobile policy, errors and omissions insurance, and/or employment practices liability insurance.
General liability insurance helps protect you against many of the risks that come with simply running a business. Businesses of all sizes can benefit from this coverage, including everything from sole proprietors and entrepreneurs to small business owners and large companies.
Remember that even if you’re sued and the lawsuit is dropped, you can still face hefty legal fees. This insurance can help to protect your business and its assets against a potential suit.
The cost of your commercial general liability insurance will depend on several factors, including the size of your business, the industry in which you operate, the location of your business, the amount of your annual revenue, and the amount of coverage that you need. For example, a business in a higher-risk industry, like construction, will usually pay higher premiums than a business in a lower-risk industry.
Since policy costs can vary so much, a CGL insurance quote will give you the most accurate idea of what your insurance will cost. You can get a free, personalized business insurance quote today so you can start exploring your options and find the policy that’s right for your needs.
Paige Cerulli Paige Cerulli is a freelance content writer and journalist who specializes in personal finance topics. She graduated from Westfield State University and brings more than a decade of professional writing experience to the ConsumerCoverage team. Paige’s work has appeared in outlets including USA Today, Business Insider, and more.
