Commercial General Liability Insurance
Commercial General Liability Insurance is one of the most important coverages you can purchase for your business. It is designed to help cover the costs of claims for bodily injury, property and advertising damage claims made against your business. Without this coverage, you may have to pay the cost of these claims with your own business and personal assets which in severe cases may shut the business down. In California the land of ever-increasing business lawsuits, don’t leave your business vulnerable without coverage to the potentially devastating costs of a liability claim.
General Liability Insurance Helps Cover:
- Advertising Injury – General Liability Insurance can help cover the costs of a claim made against your business because of its advertising practices. For example, a business in the same industry as yours makes a claim that your advertising looks too similar to theirs and is infringing on their business. General Liability Insurance can help cover the costs your business will incur to deal with this claim.
- Third Party Property Damage- If you or someone on your payroll damages a third party’s property, you may face a property damage claim. General Liability Insurance can help cover the costs of property damage claims made against your business. For example, an employee using equipment on your business property accidentally damages your clients car. Your client makes a property damage claim against your business. General Liability Insurance can help cover the costs to settle this property damage claim.
- Third Party Bodily Injury- If a person is injured on your business property, he may make a bodily injury claim against your business. For example, delivery man trips on wet tile in your business office, falls and breaks his ankle General Liability Insurance can help cover the costs of the bodily injury claim he makes against your business for this accident.
- Harm Reputation- Other businesses may make a claim that your business has harmed or impugned their reputation. For example, during an interview about your business, you are asked to comment on what you think of the competition. The competitors read this interview and make a claim that your business slandered theirs. General Liability Insurance can help cover the costs to resolve claims of libel and slander against your business.
- Miscellaneous Legal Fees – The Commercial general liability coverage can also help with costs for wintenees fees, evidence costs, judgements or settlements.
General Liability Insurance will not cover workplace injuries that happen to employees or other people on your payroll. These situations would fall under Workers Compensation policy covered by Workers’ Comp. Also note Commercial General Liability Insurance does not cover the costs of damage to your own business property. The policy is designed to cover the costs of damage your business causes to others. Where Commercial Property Insurance is designed to help cover the costs of damage done to your business’s property.
Is Commercial General Liability Insurance Required?
The answer to this question is no and yes? Here is why, the simple answer is no it is not required by law. However, most small businesses do not have the financial strength to with stand a large claim so it is prudent for the business to carry the insurance. Secondly, most businesses that do business to business work will be required to carry coverage. Coverage will be verified as part of the contract process. The contracting business in most cases want to be added as additional insured to make sure that they are covered in the event something happens.
Know The Difference Between General Liability and Commercial Liability Insurance
General Liability and Professional Liability Insurance both help protect your business from the costs of liability claims. They differ in the types of claims they cover. Both are essential to the daily operations of the business. Professional Liability Insurance is deigned to cover the costs associated to claims your business committed errors or omissions in the services or products it provides.
- Mistakes or Omissions in work product
- Errors in professional services your business provided
- Incomplete work
- Failure to uphold contractor promises
Commercial General Liability Insurance
General Liability insurance is one of the easier ways a business can help proactively protect themselves from a major claim. The insurance is designed to protect the business against harm it does to others. WE can help you with this general Liability insurance. We write with multiple carriers and can help you find the right policy for your business. Give us a call 714.563.4333