General Liability
Insurance
Business is inherently risky, but Commercial General Liability (CGL) insurance protects your business from financial loss should your company be liable for bodily injury, property damage, or personal and advertising injury caused by your business operations / services or your employees. As a business a general liability policy is a crucial first step to protect the business from a variety of possible risks.
A few coverages included in a general liability policy are below:
Coverage for Medical Expenses: CGL policies provides your company protection if a non-employee is injured on your premises or in an incident including your operations. Medical payments coverage can be activated without any legal action and allows for smaller medical claims to be settled quicker without litigation.
Third-Party Bodily Injury Protection: A CGL provides coverage for bodily injury (ex. slip & falls) suffered by a third party on your premises or in relation to your business operations.
Third-Party Property Damage Coverage: A CGL policies typically covers property damage to tangible property as well as damages for the loss of use of the tangible property caused by your businesses operations or employees.
Personal & Advertising Injury Liability: Not all damage is physical. A CGL policy also gives your business coverage for offenses made by employees of your company such as copyright infringement, slander, libel or malicious prosecution.
Defense Costs: Going to court or having a claim filed against you can cause an extreme burden to your business. GL coverage includes protection for legal expenses in the event that your business has a liability claim brought against it.
Your businesses gross income, industry, location, number of employees, type of inventory stored on-site and past claim history are all things that affect pricing. Additionally, extra coverages, special language or specific endorsements can add to the price.
A waiver of subrogation is a contractual provision where the insured prevents their insurance company from seeking recovery from the negligent third party. Many construction contracts include a waiver of subrogation clause.
Additional Liability Coverages Your
Business May Need Are Listed Below:
Errors & Omissions (E&O) covers professionals for negligence and errors or omissions that injure their clients or cause damage to a third party’s data. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies.
Directors and Officers Insurance (D&O)
D&O covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability (EPLI) as well.
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