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Do I Need a Commercial General Liability Insurance Policy?

Business Insurance

By Joanne Lemna | June 21, 2017

Businesses are exposed. That is just the nature of doing business. Daily you come into contact with a multitude of people suppliers subcontractors customers… the list is endless. Unfortunately instances do arise in which one or more of these people may accuse your business of negligence of causing them harm or possibly of damaging property.  This is why it is so crucial that your business hasCommercial General Liability(CGL) insurance policy in place. This is your layer of protection this is what will enable you to stay in business should someone try to sue you for negligence or recover damages.

What Does a Commercial General Liability Policy Cover?

Essentially this type of liability policy covers your business in the event that legal action is commenced against you. Of course you are going to need to defend yourself should another party go after you for expenses and damages as a result of bodily injury destruction of property or some other such negligence. A CGL policy will for instance help you cover the legal fees required to mount your defence if litigation does ensue. It also allows you to keep your business up and running. A client going after you in court could be devastating to your company. You want to make sure that you maintain the resources and funds necessary so that such an event doesn’t completely destroy you and take your business down with it.

Here are some of the specifics as far as what a Commercial General Liability Policy covers:

  • Costs associated with your legal defence: attorney’s fees court costs any related witness expenses that might need to be covered.
  • Judgements that may arise as a result of such a case. Out of court settlement costs that could potentially emerge.
  • Any reasonable expenses that may be associated with such a legal proceeding such as time lost from work.
  • Medical costs that an injured party may accrue as a result of something for which your business was responsible.
  • Property damage / Replacement costs.

When Do You Need a Commercial General Liability Policy?

It basically goes without saying that if you are in business you need to have a Commercial General Liability policy in place. Obviously no one can predict the future which means no one has any idea when something might happen that could jeopardize the health and welfare of your company. CGL offers you not only peace of mind but that much-needed protection should unfortunate circumstances arise and you do consequently have to go to court or pay out for medical or property related damages. Additionally especially in the case of smaller businesses many clients require that you show proof of liability coverage before they will execute the contract.

The types of coverage limits and details of your Commercial General Liability Insurance policy is something you most definitely want todiscuss with your insurance broker. They will work with you to create a comprehensive picture of your business clientele and services and use this information to structure the best possible CGL for you! You can also check out anouther one ofour articles on CGLs for more information.

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