- November 19, 2021
- Posted by: thinkjcw
- Category: Uncategorized
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.
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. A common example of a bodily injury 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 defense and settlements cost 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.
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.
Do not let 3rd party claims, real or alleged, jeopardize your financial security. As a full-service commercial insurance agency, our dedicated team at InsureWise can help you find a CGL policy perfect to fit your unique needs. Contact us today, and we can provide you with a variety of quotes today.