Why Business Owners Need Commercial General Liability Insurance

Commercial General Liability Insurance (CGL)

For business owners, commercial general liability insurance (CGL) is a vital component to protecting their assets and defending their liabilities. These policies protect owners from third-party liability claims that occur on their business property, as well as claims that they or their employees cause while working. Liability claims are common and without a CGL policy, just one can cost a business thousands of dollars out of pocket.

Understanding the Coverage: What CGL Insurance Entails

As the first line of defense, CGL insurance primarily protects business owners from liability claims of bodily injury and property damage to a third party. Third parties include anyone outside of your business such as clients and customers. Liability claims for bodily injury and property damage include injuries or damage caused by the ownership and maintenance of the business, as well as bodily injury or property damage caused by faulty products or services.

Real-World Scenarios

A common example of a bodily injury claim is when a customer slips and falls. Though this might not seem like a serious incident, the average slip and fall claim can cost a business owner a lot of money in the form of legal defense and settlement costs if they do not have CGL insurance.

If faced with a liability claim of bodily injury or property damage, CGL insurance provides business owners coverage for legal defense costs, settlements and judgments and medical expenses of the injured third party.

Why Every Business Needs CGL Insurance

Regardless of the type of business you own, a CGL policy is essential to protecting your business’ assets, financial stability and overall success. This is especially true for businesses that have a location open to the public, work closely with clients, handle client property or rent or own commercial property. 

InsureWise: Your Partner in Commercial Insurance

Don’t let third-party claims, whether real or alleged, jeopardize your financial security. As a full-service commercial insurance agency, our team is dedicated to finding a CGL policy tailored to your specific needs.

Contact us today for a consultation and receive competitive quotes to secure your business’s future.