Being the complete all-in-one insurance policy for small and medium-sized businesses, commercial general liability insurance is sometimes seen as the only type of business insurance that a new firm needs. While large companies that employ many hundreds of people, generate comparatively-higher revenues and operate from several locations also require a more sophisticated approach to insuring their assets, the standard CGL (commercial general liability) plan provides affordable coverage that is usually more than adequate for small business owners.
What Kinds Of Claims Are Covered By A CGL?
There are four types of liabilities that lead to the overwhelming majority of claims against small businesses: advertising injury (libel and slander), personal injury, bodily injury and property damage. Commercial general liability policies allow business owners to buy one comprehensive policy against all four of these kinds of exposure instead of buying individual policies for each. For an added benefit, the conventional CGL is typically less expensive than it would be to buy four the four policies individually.
Are The Coverage Levels Adequate?
Even though coverage levels delivered by the standard CGL may be insufficient for businesses that generate unique kinds of exposure, they are generally more than enough for the ordinary small business venture. The monetary amount covered by a given policy may vary greatly from one plan to another but, generally speaking, a CGL will always cover any attorney's fees or damages awarded against your organization that result from a covered claim. In the event you believe that the coverage limits stated in your policy could be too low, you have the option of buying a supplemental umbrella policy to insure amounts that exceed your base coverage.
What's An Umbrella Policy?
"Umbrella policy" is the name given to any kind of supplemental insurance that provides a specified monetary amount of coverage above and beyond what is written into the base policy. Simply put, the umbrella policy is used to cover you against attorney's fees and judgments that exceed your standard general liability insurance plan's limits.
Umbrella policies can be looked at as a supplementary insurance plan that protects your small business if your business insurance falls short. Since they are highly affordable, many businesses choose to purchase them simply for the relative sense of added security that they provide.
Summing Up The Advantages Of A CGL
Aside from the fact that the conventional CGL covers each of the four most-prevalent kinds of claims filed against small businesses, it additionally provides very comparable amounts of coverage to what you would receive if you were to buy separate policies for advertising injury, property damage, etc. Best of all, by packaging these plans together, the customer is often able to find great deals that offer comprehensive coverage at a price far below what would otherwise be possible.
Being a business owner in today's litigation-happy society comes with many risks and ensuring that you adequately protect your personal, and professional, assets is vital. Fortunately, commercial general liability insurance is an inexpensive, highly-effective way to do this.
What Kinds Of Claims Are Covered By A CGL?
There are four types of liabilities that lead to the overwhelming majority of claims against small businesses: advertising injury (libel and slander), personal injury, bodily injury and property damage. Commercial general liability policies allow business owners to buy one comprehensive policy against all four of these kinds of exposure instead of buying individual policies for each. For an added benefit, the conventional CGL is typically less expensive than it would be to buy four the four policies individually.
Are The Coverage Levels Adequate?
Even though coverage levels delivered by the standard CGL may be insufficient for businesses that generate unique kinds of exposure, they are generally more than enough for the ordinary small business venture. The monetary amount covered by a given policy may vary greatly from one plan to another but, generally speaking, a CGL will always cover any attorney's fees or damages awarded against your organization that result from a covered claim. In the event you believe that the coverage limits stated in your policy could be too low, you have the option of buying a supplemental umbrella policy to insure amounts that exceed your base coverage.
What's An Umbrella Policy?
"Umbrella policy" is the name given to any kind of supplemental insurance that provides a specified monetary amount of coverage above and beyond what is written into the base policy. Simply put, the umbrella policy is used to cover you against attorney's fees and judgments that exceed your standard general liability insurance plan's limits.
Umbrella policies can be looked at as a supplementary insurance plan that protects your small business if your business insurance falls short. Since they are highly affordable, many businesses choose to purchase them simply for the relative sense of added security that they provide.
Summing Up The Advantages Of A CGL
Aside from the fact that the conventional CGL covers each of the four most-prevalent kinds of claims filed against small businesses, it additionally provides very comparable amounts of coverage to what you would receive if you were to buy separate policies for advertising injury, property damage, etc. Best of all, by packaging these plans together, the customer is often able to find great deals that offer comprehensive coverage at a price far below what would otherwise be possible.
Being a business owner in today's litigation-happy society comes with many risks and ensuring that you adequately protect your personal, and professional, assets is vital. Fortunately, commercial general liability insurance is an inexpensive, highly-effective way to do this.
About the Author:
If you'd like to find out more about commercial general liability insurance, check out Darin Mendanor's other articles on topics ranging from how to find the best prices on CGL, to how to tailor your public liability insurance to accomodate your specific business.
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