Even in the most well-run business, incidents happen. Whether these incidents result in property damage, bodily injury, or both, they can be costly for businesses to deal with. As such, your business needs to be covered for a variety of possible risks.
A commercial general liability (CGL) policy protects your business from financial loss should you be liable for property damage, bodily injury, or personal and advertising injury caused by your services, business operations, or your employees. Simply put, a CGL policy casts a wide net of protection for you and your business by covering various liabilities such as:
Third-party bodily injury protection
Something as simple as a guest or a client visiting your business and slipping on a wet floor can result in serious financial damages. CGL policies provide coverage for bodily injuries suffered by third parties on your premises or in relation to business operations.
Third-party property damage coverage
A CGL policy will also protect your company if you are found liable for damage to someone else's property. CGL policies typically cover damage to tangible property as well as damages for the loss of use of tangible property.
Protection against personal and advertising injury liability
Not all damage is physical. A CGL policy will also give you ample coverage for offences made by employees of your company such as copyright infringement, slander, libel, or malicious prosecution.
Coverage for medical expenses
CGL policies will protect your company if a non-employee is injured on your premises or in an incident related to your operations. Coverage for medical payments can be triggered without legal action and allows for smaller medical claims to be settled quickly and without litigation.
A sturdy defence
Going to court or having a claim filed against you can have company-changing costs. CGL coverage includes protection for legal expenses if your business has a liability claim brought against it.
Want to Learn More About Commercial General Liability Insurance?
Running a business comes with plenty of risks, so it's important to make sure that you're protecting yourself with the appropriate coverage. Contact us today for more information on how a CGL policy can protect your bottom line.