Commercial General Liability Insurance
Commercial general liability insurance keeps your business financially stable by protecting you against lawsuits. If your business is sued for bodily injury, personal injury or property damage, your business could suffer great losses from the costs of legal defense alone. If a judgment were awarded for the plaintiff, or injured party, your losses could be even more severe.
With commercial general liability insurance, your organization receives benefits for legal fees and compensation to the injured party or parties. In most cases, your insurer will not pay benefits if the harm was determined to be intentional. However, in most cases, liability suits are brought against businesses that make honest mistakes or oversights. Unfortunately, many businesses are also the victims of fraudulent or frivolous lawsuits.
Why Choose General Liability Insurance?
In an effort to cut costs, some small business owners choose a form of commercial insurance that combines property and liability insurance in a single business owners policy, or BOP. While a BOP may provide basic coverage, it doesn't serve the needs of most commercial entities. Commercial general liability insurance extends your protection to reflect a more comprehensive assessment of the damages that a business could suffer in a liability suit.
In the long run, buying separate policies that cover your property, worker's compensation claims and general liability claims makes more sense financially for most businesses. Although a BOP may provide adequate benefits to cover you against a routine lawsuit, your benefits probably wouldn't cover an award that included intensive medical treatment, legal defense costs or personal losses.
To secure your assets thoroughly, invest in a commercial general liability insurance plan. Investigate your options and compare quotes using the resources on this website. To avoid the consequences of a large-scale suit, including possible bankruptcy, consider a form of general commercial protection that can cover the realistic costs of legal damages.
What Occurrences Are Covered?
You can reduce your risk of a lawsuit by enforcing quality control standards at your business and providing ongoing safety training for your staff. Many accidents happen due to basic deficiencies that could have been prevented with routine monitoring or proper employee education. However, no commercial organization can protect itself completely against litigation in this day and age. With comprehensive commercial general liability insurance, as well as general business liability insurance, you make a positive move toward protecting your financial assets.
An occurrence, or incident that provokes legal action, could include a physical or psychological injury. Covered occurrences may also include the loss or damage of personal property, a wrongful eviction from the property or a violation of privacy. People who believe their reputations have been damaged by false advertising or disparaging publicity may sue a commercial entity for libel or slander.
What Occurrences Are Not Covered?
Injuries to customers, vendors, service technicians and other non-employees are covered under commercial general liability insurance. Injuries to staff members are typically not considered to be general liabilities. Physical or personal injuries to your employees should be included under your worker's compensation insurance policy. In general, damages to your company's property are considered part of your property policy.
If your company manufactures goods, you may require special coverage for damages caused by defective or recalled products. Pollution and other damage to the environment may require additional protection because these damages do not fall under the practices of many businesses. For further clarification, connect with a commercial general liability specialist online to discuss these unique situations and your coverage alternatives.
Filing A Liabilities Claim
When you're searching for commercial general liability insurance online, review your covered benefits as you compare estimates. Make sure you understand which damages are covered by your policy, so that you can file claims quickly and accurately. The sooner you inform your insurance company of an occurrence, the easier it will be to process your claim. Claims that are not filed within a certain window may not be accepted by your insurer.
If an individual is injured on your premises, you should act quickly to call for medical services and give first aid, if possible. However, you are not authorized by your insurance company to receive benefits for anything but basic first aid until your claim has been filed. Call your insurer immediately to submit your report with details about the nature of the occurrence and any follow-up care that was provided. Keep careful records of the incident and gather detailed reports from witnesses to protect yourself against fraud.
Commercial general liability insurance is a smart solution for your company if you want the most comprehensive protection for your assets. Instead of settling for a less inclusive policy that's bundled with your other forms of coverage, invest in a separate commercial general liability insurance policy that provides adequate protection against losses caused by litigation. Keep your organization financially secure by choosing a plan that truly meets your needs.