Comprehensive General Liability Insurance
Comprehensive general liability insurance protects your business against damages due to all liabilities, with the exception of certain risks that are stated in your policy. Comprehensive liability is the predecessor of commercial general liability insurance. Comprehensive general liability insurance protects your commercial enterprise against legal costs due to injuries caused by business operations or the use of products that your company manufactures.
In this day and age, legal actions against commercial entities are becoming more common. Protecting yourself against litigation has become mandatory for maintaining your company's financial stability. With comprehensive general liability insurance, you have inclusive coverage that secures you against almost any liability exposure. Contact a number of commercial liability insurance providers to compare quotes on the cost of this important form of protection.
What Does Comprehensive Liability Include?
Comprehensive general liability insurance is one of the most general forms of coverage available, including commercial liability insurance. This policy insures you against lawsuits brought against your organization due to injuries caused by a product that you manufactured or distributed. Your company must prove that you took all possible measures to ensure the safety of the product. A comprehensive plan also covers you against damages caused by a project you completed that resulted in bodily injury or property loss.
With comprehensive general insurance, you're insured against injuries that occur on your premises as a result of operations taking place at your company. Under the terms of your contract, your premises may include elevators in your building. Your contract may also state that you are insured against harm caused by independent contractors working on your behalf.
Any risks that are not covered in a comprehensive general liability plan should be specifically included in your contract. As you're comparing quotes, it's important to evaluate the potential liabilities that are covered and the maximum amount of coverage provided by each policy. To ensure that you can file claims quickly and correctly, carefully review the covered liabilities in your insurance contract.
Calculating Commercial Insurance Needs
Whether you're a small business or a large corporation, you're exposed to risks every day during the normal course of operations. Some businesses are exposed to more liabilities due to the nature of the products or services they provide. The size of your operation and the number of employees also affects the level of risk you assume as a company. A comprehensive insurance policy can be flexible enough to meet the needs of a group of any size.
When you're determining how much comprehensive general liability insurance you need for your company, take into account the amount of customer traffic that you have each day. In general, if you only have employees on site at any given time, your liabilities may be less than a business that has a popular storefront. The potential for injuries caused by the operations you perform or the services you provide can also affect the amount of comprehensive general liability insurance coverage that you need.
You have the option to purchase an extension of your maximum covered limit called an umbrella plan. This extended form of protection insures you if the damages awarded in a lawsuit exceed the maximum limit stated in your policy. With the rising costs of medical care, medical expenses alone may exceed an established maximum if the injury is severe. As a result, many business owners have elected to expand their comprehensive general liability insurance with an umbrella option.
When an incident occurs on your premises, contact your claims adjuster immediately. Report the time of the occurrence, the nature of the damages and any details that you've noted about the incident. Take photographs, if possible, to document any evidence that might substantiate your case. Because general liabilities cases may go to court, collecting as much documentation as possible at the time of the occurrence is essential.
If a person has been injured on your premises, you can call for emergency care or provide first aid on site. However, your insurer may not authorize any additional assistance you provide at that time. Some companies include a medical payments option that covers minor medical care, which may prevent legal action in many cases. Contact your comprehensive general liability insurance adjuster about guidelines for referring injured parties for medical treatment.
Your insurer will require you to participate in an investigation of the incident. Any legal notices you receive should be copied for your claims adjuster. Participating fully in the case expedites the claims process and may reduce your chances of loss if the case goes to court. Comprehensive general liability insurance makes it possible for your company to recover from potentially devastating accidents or mishaps. Take your time to learn about the options provided by your insurer so that you can secure a reliable policy for your business.