Commercial General Liability Insurance
(CGL Commercial General Liability Insurance) An insurance policy that protects a business against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liablity.
What does CGL commercial general liability insurance cover?
Here are a few examples of what CGL covers
- Bodily injury - an accident that happens at your property. A client sues you after slipping and falling at your office and breaks a leg
- Property damage: For example, your landlord sues you when a fire at your office destroys part of the building.
- Copyright infringement: For instance, A competitor sues you, claiming your advertising and marketing materails look too similar to theirs.
- Reputation damage: Consider: After you post critical comments on social media about a competitor, he or she sues you for the harm you caused to his or her reputation.
Here are a few things that CGL does not cover
- Professional mistake you will need professional liability insurance or E & O - Errors and Omissions insurance
- Workers Compensation for employee accidents, injuries, and diseases
- Commercial Property Insurance to cover your damage or theft to your business property
- A crime endorsement on your CGL commercial general liability insurance to cover things like data breaches, crimes, and employee dishonesty.
- CGL typically cost the average business owner anywhere from $800.00 to $2,000.00 annually.
- The average CGL starts out at $1,000,000.00 (million dollars of coverage)
- Depending on the type of business you have a personal umbrella policy may be sufficient to cover your business
- If your company make bids on contracts it is a high probability that your business will need a CGL policy
- CGL protects you and your business from financial loss.
After reading this post if you have questions please feel free to reach out to us, we will be more than happy to explain the different types of commercial insurance and business insurance available to you. Regardless if you a new start up or have been in business for years. Your comments and ideas are welcome.
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Raleigh, NC 27604-1803