Even in the most well-run businesses, incidents happen. Whether these incidents result in property damage, bodily injury or both, they can be costly for businesses to deal with. As such, it is important for your business to be covered for a variety of possible risks.
A commercial general liability (CGL) policy protects your business from financial loss should you be liable for property damage, bodily injury, or personal and advertising injury caused by your services, business operations or your employees. Simply put, a CGL policy casts a wide net of protection for you and your business by covering various liabilities such as:
- Coverage for medical expenses. In the event that an employee requires medical attention for a work-related illness or injury, workers’ compensation insurance can cover the accompanying treatment costs. This includes expenses related to hospital visits, medical procedures and prescriptions.
- Third-party bodily injury protection. Something as simple as a guest or a client visiting your business and slipping on a wet floor can result in serious financial damages. CGL provides coverage for bodily injuries suffered by third parties on your premises or in relation to business operations.
- Third-party property damage coverage. A CGL will also protect your company in the event that you are found liable for damage to someone else’s property. CGL policies typically cover damage to tangible property as well as damages for the loss of use of the tangible property.
- Protection against personal and advertising injury liability. Not all damage is physical. A CGL policy will also give you ample coverage for offenses made by employees of your company such as copyright infringement, slander, libel or malicious prosecution.
- Coverage for medical expenses. CGL policies will provide protection for your company if a nonemployee is injured on your premises or in an incident related to your operations. Coverage for medical payments can be triggered without legal action and allows for smaller medical claims to be settled quickly and without litigation.
- A sturdy defense. Going to court or having a claim filed against you can have company-changing costs. CGL coverage includes protection for legal expenses in the event that your business has a liability claim brought against it.
Running a business comes with plenty of risk, so it’s important to make sure that you’re protecting yourself with the appropriate coverage. Contact Consolidated Insurance + Risk Management today for more information on how a CGL policy can protect your bottom line.