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What To Look For In Commercial General Liability Insurance

Almost every business operating today needs some sort of liability coverage. Whether you own a small donut shop or run a multi-million dollar car rental corporation, without liability coverage you are wide open for potential lawsuits and extraordinary legal fees. Read our guide on commercial general liability insurance and how it can protect your company from potential disaster.

What is commercial general liability insurance?

Commercial general liability (CGL) insurance covers defense and legal costs in case of non-professional negligence, including bodily and personal injury or property damage, caused by operating your business. CGL is a cornerstone of any business risk management plan, and is an essential foundation for protecting your business.

What is covered under a CGL policy?

A CGL policy covers the defense and legal fees for a wide range of issues, including:

Bodily injury
Personal injury
Medical expenses
Property damage, including damage to your commercial property
Slander and/or libel
Advertising-related injuries
Infringement of copyright rights

How much does commercial general liability coverage cost?

Many different factors will affect your commercial general liability premium, not limited to:

Your business’ state of operation
How experienced you are in the industry
How large your workforce is
Your prior insurance and claim history
The condition of your commercial property and equipment

On average, a business can expect to pay about $300 to $1,000 annually for $1 million of coverage.

How much CGL insurance do I need?

Like the cost of your policy, how much coverage your business needs will depend on your industry, state, and size, for starters. When deciding how much coverage you’ll need, look at all of the operations of your business. Some areas may require more coverage, and some less coverage.

Does a commercial general liability policy also cover automobile liability?

A CGL policy won’t usually cover your business vehicles on its own. If your business has company cars, construction equipment, or ships vehicles as part of its operations, you’ll want to add a commercial auto or commercial cargo policy to your insurance portfolio.

Does my business need a CGL policy?

If your business interacts with customers or clients in-person, owns or rents business property, has a physical business location open to the public, advertises, or creates products, then your business needs a commercial general liability policy. Without this insurance, you could be leaving your business vulnerable to lawsuits that could eventually shut you down.

Summary

Do you know if your company has all areas of its operation adequately covered?

Are you ready for the potential risks of opening a new physical location?

Are you sure your coverage limit will be enough if a customer is injured on your premises?

The commercial insurance advisors at JAISIN can lead you through the process of analyzing your current coverage and your business, find the best companies if you need new coverage, and get it for you at the best possible price.

Click or call JAISIN Insurance Solutions today and chat with one of our commercial insurance advisors for a custom quote made for you.

Jason Bishara
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