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Business Insurance Q & A: Do I Need Commercial General Liability Coverage?

Commercial General Liability

As a business owner, you might wonder about the insurance coverage you have set up for your company and whether you have your bases covered. In this post we’re going to discuss a common type of business insurance, commercial general liability insurance, and whether it is relevant to your commercial enterprise.

Commercial general liability insurance defined

First off, let’s define what commercial general liability insurance is. You might already be familiar with the term liability as it relates to home or car insurance, such as the common 3rd party liability. Essentially, liability is responsibility in the eyes of the law for damages to someone else. Commercial general liability (CGL) insurance then covers you when your business is responsible for property damage or bodily injuries to a third party as a result of the service you offer or the product you sell. 

Does my business need this coverage?

Now that you understand what general liability offers a business, you’re probably wondering whether this type of coverage is applicable to the business you run. Let’s look at some considerations for this type of insurance…

~ If you run a retail location, there are plenty of opportunities for visitors or customers to your premises to get injured. For example, imagine a client slipping and falling on some ice while walking up to your front door. Essentially, anyone on your property, including your employees, that suffers from a bodily injury on premises, could result in a liability claim against your business.

~ If you run your business at off-site locations, liability also comes into play. For example, you are a landscaper and a customer claims that their property was damaged by your team while they were doing their work.

So, in short, most businesses, even if they are very small, will benefit from general liability coverage to ensure protection and support in the event of a lawsuit or claim made against the company. CGL is generally what most businesses have in place for coverage, but it does not cover everything and there may be certain things particularly relevant for your business that are excluded. Different businesses have different needs, so it’s best to discuss the particulars of your operation with a broker to find the right coverage for you. For example, some businesses should consider professional liability insurance or E&O. An insurance professional can help you navigate what your commercial enterprise needs.

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