Defend Your Business with General Liability Insurance
As a business owner, carrying Commercial General Liability insurance enables you to protect your business against claims of injuries/damage. This policy provides coverage for liabilities like:
- physical injuries,
- advertising injury, and
- property damage caused by your business (either through your business premises, operations, or the products you sell).
Wondering if your business can make do without general liability insurance? Consider bearing the costs of all potential lawsuits that may be brought against you in the U.S. Do you have the financial ability to pay this out-of-pocket? For instance, a customer could slip on a wet spot and break their leg. Without CGL, you’d be held liable for all resulting medical/legal expenses. Hence, while not legally mandated, Commercial General Liability Insurance provides you the coverage you need to safeguard your business and livelihood.
How CGL Helps You
A typical CGL policy covers the following:
Premises and Operations Liability: Coverage for bodily injury/property damage claimed on business premises/due to business operations.
Products Liability: Damage/injury caused to others by your products.
Personal and Advertising Injury: Claims against you/your business staff for libel/slander/disparagement or copyright infringement in your ads.
Medical Expenses and Defense Costs: Incurred due to the above liabilities.
Written Contracts: This type of policy covers all written contracts, permits, and agreements.
General Liability insurance covers only third-party damages. This means that it covers claims made against your business, not claims made by you against others (such as in the case of theft). Furthermore, it is essential to note that this does not cover allegations against you regarding professional mistakes/neglect.
Gauging Your Liability Needs
Carriage Trade Insurance Agency can tailor the amount of CGL coverage you need for your business based on the following:
- What is your level of risk? For example, suppose you operate in a risk-heavy type of business, such as manufacturing/dealing in firearms, hunting equipment, etc. In that case, you may require significantly more coverage than, say, an Etsy store for arts and crafts.
- In what type of legal climate do you live? Check whether the state you’re running your business in has precedence in awarding high damages – you may need to increase your coverage accordingly.
- Are you a contractor or small business owner? Not only could a single lawsuit bankrupt you, but not all employers/clients may hire you without a certain amount of CGL.
Your Business Needs, Delivered.
Everyone’s general liabilities needs are different and there are additional coverages available that reflect this. For instance, some may benefit from GL combined with Property Insurance (called a Business Owners Policy). In contrast, others need the standalone GL policy.
Whatever your needs, we at Carriage Trade help you explore your options so you can find the policy best suited to you and your business. Reach out to us at 516.358.3612 or firstname.lastname@example.org to see how we can help!