What Is Commercial General Liability Insurance?
What is the goal of insurance? It is to make whole the insured who has suffered a covered loss.
What is General Liability Insurance and does my business need it? Great question! General Liability is not typically required by law, however, this policy if needed may save you from bankruptcy or significant losses in the event of:
- Bodily Injury to others (not employees), if your business is responsible for the injury to another person & this includes slips and falls at your business or at a job site.
- Property Damage to others, if your business is responsible for the accidental property damage of others property at your place of business or at a job site.
- Fire damage to any leased business location
- No fault medical coverage to others
- Legal liability and lawsuits due to the advertising of a policy holders’ goods or services. ◦ For example: Libel, Slander, Invasion of Privacy, Copyright Infringement and the misuse of others advertising ideas.
General Aggregate
This is the maximum compensation your policy can pay for all bodily injury, Advertising Injury, medical Payment claims in a policy term. Policy terms run for 12 months at a time.
This limit is typically set at $2 million dollars.
Per Occurrence
This limit is the maximum compensation your policy can pay per claim.
This coverage is typically set at $1 million per claim.
Products & Completed Operations
This limit applies to manufactured products or completed works and will pay for injuries or property damage caused by a business’s products or operations. *Please consult with an experienced agent as there are many limitations and exclusions attached to this coverage on many general liability policies.
This coverage is typically set at $2 million and is a separate coverage limit than the General Aggregate
Personal and Advertising Injury
This limit applies to defamation claims such as libel. and Slander as well as copyright infringement, advertising injury due to using someone else’s advertising idea in your advertisement.
This coverage is typically set at $1 million
Damage to your Rented Business Building (FIRE LEGAL)
This provides coverage for fire damage to your leased office or business location.
This coverage is typically set at $50k to $100k.
Medical Payments
This is no fault coverage and is paid in good faith in case someone is injured on your premise.
There are many endorsements and amendments to the Commercial General Liability policy that our team is ready to review with you when we assess your insurance needs. Guidepost Insurance Services is ready to provide you with a competitive and complete quote. Contact us now to get started.
