Commercial General Liability Insurance

Many business owners choose to purchase a commercial general liability insurance policy shortly after opening their business. Although it is typically not required by law, it can provide financial protection if your business is deemed responsible for causing third-party bodily injury, personal injury or property damage.

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What Is Commercial General Liability Insurance?

Commercial general liability (CGL) insurance is a business insurance policy that can protect your company from losses and lawsuits arising from everyday business operations. It is considered a comprehensive coverage because it provides a broad range of protection, although it may not cover every risk your business faces.

What Does Commercial General Liability Insurance Cover?

The following are typical benefits of a CGL policy:

• Completed operations may cover expenses arising from property damage stemming from your completed operations.
• Property damage may pay to repair or replace third-party property if it’s damaged during the scope of your business operations.
• Bodily injury may cover costs (e.g., legal fees, medical bills) if your business is liable for causing third-party bodily injury.
• Medical payments may pay medical bills for nonemployees who are injured because of your business operations or on your premises.
• Personal and advertising injury may pay for costs associated with personal injury claims (e.g., libel, slander) or allegations that your business stole advertising ideas or published false or misleading statements.

Most CGL policies do not cover intentional property damage or bodily injury. Speak to your insurance agent for more information.

How Much Does Commercial General Liability Insurance Cost?

Every business is unique. The cost of your CGL coverage will vary with the risks your business faces. Here are some variables your insurance company may consider when determining the cost of your premiums:

• Size and condition of business premises
• Number of employees
• Payroll and class code (your business risk classification)
• Business operations
• Location
• Type of business
• Claims history

Contact Home Loan Insurance for a commercial general liability insurance quote.

Protecting Your Business

We’re here to help you find the right coverage for your business. Contact Home Loan Insurance to speak to a commercial general liability insurance agent today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.