Commercial General Liability Insurance ( CGL )

 

Just about every small business will need to have insurance coverage in place to protect it in the event of a lawsuit or accident. Not only can insurance be a real lifesaver if your business is hit with an unforeseen event, but it can also offer peace of mind to you and your employees, and demonstrate credibility in the eyes of your customers.

What Is Commercial General Liability Insurance?

Among the many types of business insurance out there, Commercial General Liability Insurance ("CGL Insurance" for short) is one of the most fundamental. CGL Insurance covers many areas, including third-party injury or property damage and legal costs pertaining to many types of incidents that could occur to or on your company's property.

Who Needs Commercial General Liability Insurance?

There are many small businesses that don't invest in CGL coverage because they're trying to keep month-to-month costs down. Yet even a single case brought against you in court, or a single accident to a patron on your company property can rack up cripplingly high expenses quickly. Unless you have tens of thousands of dollars sitting around waiting to be spent on attorney fees, court costs and accident-related healthcare expenses, you need CGL coverage to safeguard your assets.

Just about every small business can benefit from at least some level of CGL insurance, but there are some businesses where it is especially important:

  • Small businesses that manufacture goods
  • Small businesses with displays of their goods in department or grocery stores
  • Small businesses that offer moving services
  • Small businesses that require manual labor in their day-to-day operations

These businesses have an especially critical need for CGL Insurance because the scope of accidents relating to their company property that can occur is much larger than, say, a quiet office with four employees. Even in relatively low-risk businesses, though, accidents can (and do) still occur. Commercial General Liability Insurance coverage is a great way to protect your company's assets in the case of any mishaps.

You May Be Liable, Even if an Accident Isn't Your Fault

You may be asking yourself, "But what if the accident or injury wasn't actually my company's fault?" The unfortunate reality is that you may still face a lawsuit. Many companies are liable for much more than they realize. Also be aware that, even if the suit is frivolous and you win the case, it takes a lot of time and money to defend yourself in court. Your CGL coverage can pick up the tab for your court costs, which can be substantial whether or not you also have to pay any damages.

Plus, CGL coverage doesn't have to break the bank. In fact, many small-business owners choose to bundle this coverage with another business insurance fundamental, Property Insurance, in order to save money on both. This package is known as a Business Owner's Policy, or BOP. Talk to an experienced small-business insurance provider to find out how you can get your company protected without paying too much for your insurance.

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