Commercial general liability insurance provides coverage to a business if you’re found legally liable against liability claims for bodily injury (BI) and property damage (PD) to a third party caused by the product you sell or the service you provide. This also offers protection in situations where you or your staff are conducting business offsite.
Bodily InjuryMitigate loss when your business is found liable for an injury to a third party either on or off your business property. For example, if a customer trips on loose carpeting to your office, he falls and breaks his wrist. General Liability Insurance can help cover the costs of bodily injury claims against your business for this accident.
Property DamageGeneral liability insurance pays for property damage to a third party either on or off your premises if you are found liable. For example, you operate a landscaping business, and your work leads to structural damage of a homeowner’s property. Suppose the homeowner makes a claim against your landscaping business for property damage. Depending on policy limits, CGL can pay for some or all expenses associated with property liability claims.
Protects the policyholder against claims if your business’ advertising causes any damage to a person’s character, position in the community, and reputation. It protects the insured against:
Medical Payments coverage pays medical expenses (subject to the CGL policy’s terms and conditions) for bodily injury to people other than the insured or its employees resulting from an accident on the insured’s premises or work site. Here are some medical payments coverage that can help cover a range of expenses (depending on your policy):
PLI or Professional liability insurance, also known as errors and omissions (E&O) insurance. It covers a business if a client sues your business for professional advice or services that you provided—causing them financial harm due to mistakes or failure to perform on your part. Professional Liability claims may include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
If your business relies on your property, tools, equipment and technology to help keep your business running, then you’ll want to consider Commercial Property insurance. It’s like homeowner’s insurance for your business, and it would cover losses from covered perils like fire, storm, vandalism or theft. In addition, the policy would cover things like business interruption, document replacement, and lost revenue. This policy protects structures and inventory such as an office, warehouse, furniture, machinery, products, or documents. Keep in mind, earthquakes and floods typically aren’t covered by commercial property insurance, unless those perils are added to the policy
A business owner’s policy (BOP) bundles different types of business protection into one plan. BOP Insurance helps cover businesses from claims resulting from things like fire, theft or other covered disasters. In addition, it also helps cover claims that could arise from your business’s operation. Business owner’s policy cost is usually lower than it would be if a business-owner bought the coverages separately. Business Owner’s Policy include:
Auto insurance, professional liability insurance, and workers’ compensation are not included in the typical business owner’s policy. You’ll need a separate insurance policy to cover professional services, vehicles and your employees.
If you use any vehicles for work, businesses must fully insure those vehicles to protect companies against liability if an accident should occur. Commercial Auto Insurance offers bodily injury and property damage liability if you or a team member should suffer an accident during business hours when operating a company-owned vehicle. Work vehicles include company-owned delivery vans, utility trucks, or any other vehicles owned or used by the business. Whether covering one vehicle or a fleet, it’s essential to understand what is and what isn’t included in your policy to ensure you’re not leaving yourself vulnerable to risk and potentially a loss.
Commercial umbrella insurance provides an extra layer of liability protection. In other words, commercial umbrella insurance complements your other liability coverages by covering the remainder of the claim, up to the umbrella policy limits. Suppose a customer had an injury on a business’s premises and sues the business for $2 million, but the company only has $1.5 million in liability coverage. In that case, a commercial umbrella policy could make up for the $500,000 shortfall, subject to the policy’s coverage limits.