Commercial General Liability Insurance

This is a type of insurance that aims to protect the interest of business owners against individuals that will claim liability for bodily injury, property damage, personal and advertising injury while working or using the company facility and services.

Business owners have to be prepared, there are certain accidents that could occur inside the commercial area, and there are also scammers who will take advantage of any weakness that they see in the area.

The claims could be inside the premises or area of operation.

Someone can suddenly ask for bodily injury compensation that could cost thousand if not millions of dollars, and the Commercial General Liability Insurance will be the one to protect businessmen from facing total bankruptcy due to such claims.

The insurance can also include claims under products and completed operations. There are some lawsuit claims that will involve property damage that occurs in the business area, or in any completed work.

In order to safeguard the interest of businessmen, they need to have a comprehensive and reliable insurance that would be able to cover the cost of such incidents.

What are the types of liability?

Excess liability- this type of insurance was set to pay for covered losses that exceed the terms that have been set for the Commercial General Liability Insurance.

Umbrella Liability- this type of insurance on the other hand, can handle the insurance excess that is above limits of automobile liability coverage. It provides additional protection more than that of what the common business insurance can provide.

How does it work?

For example, a certain business is located in a building that you personally own. The customers on the other hand, enter the showroom in order to have a look at the items being sold inside the shop.

But on Sept. 15, 2014, the customer slips and falls in the showroom due to staff negligence.

The customer has reported the incident, but says that he has or problem with it. But after one week you receive a notice of complaint from the same customer due to the injuries that they have sustained during the said date.

When this occurs, this is the time to check for the type of insurance policies that your company has connected with and check if the incident is covered.

One of the main characteristics of a Commercial General Liability Insurance is the ability to provide a number of options that the company can choose from. Policies like the Occurrence policy can cover incidents like that of what has been stated above.

Points to remember

The coverage that is provided by insurance companies will vary. The rules will be different including the exclusions. It would be best to read the policy first, to review the endorsements before agreeing with anything in order to make sure that the insurance will be truly helpful.

Make sure to understand how the claim process works. Hire a lawyer and expert personnel on insurance policies to protect your company's business interest. Before settling with any insurance company, make sure to do your homework and see to it that they are established.