For a small-to-medium sized business to adequately protect its assets, commercial general liability insurance is usually considered the minimum, and in some cases, the only coverage that the company will need. Large businesses with multiple physical locations, more employees and higher revenues, generally require additional insurance policies on certain assets but, for the majority of smaller businesses, a standard CGL (commercial general liability policy) represents an all-in-one package offering sufficient levels of coverage at an affordable price.
What Does A Standard CGL Cover?
The typical CGL policy provides coverage against four primary types of claims, including: bodily injury, property damage, advertising injury, and personal injury. These types of claims are the categories most-often faced by business owners, and general liability insurance affords them an opportunity to purchase just one insurance policy against all four types of exposure, rather than four separate policies.
How Much Coverage Is Provided?
There are aspects of certain small businesses which require additional coverage beyond that which is offered by a CGL, but the standard coverage provided against the aforementioned ?big four? liabilities is usually more than enough for most ventures. While the exact amount covered by each policy can vary greatly, as a general rule of thumb, all commercial general liability insurance plans cover the fees associated with defending and settling against a covered claim. If the particulars of your business open you up to the possibility of extremely large judgments against your company, you may want to consider supplementing your CGL with an umbrella policy.
What Is An Umbrella Policy?
?Umbrella policy? is the name given to any type of supplemental insurance that provides a specified monetary amount of coverage above and beyond what is written into the base policy. In other words, the umbrella policy is used to protect you against legal fees and judgments that exceed your standard general liability insurance plan?s limits.
This type of policy is usually inexpensive, but the peace of mind that it affords you would be well worth it even if you had to pay a high premium for it. As with any type of insurance policy, umbrella coverage plans vary greatly in the amount of additional protection they provide, and can be tailored to fit your particular needs.
Summarizing The Benefits Of A CGL
On top of the fact that a CGL will cover the four most important things to a small business owner (property damage, bodily insurance, advertising claims, and personal injury claims), it also does this in the most-economical manner possible. By combining multiple individual plans into one comprehensive policy, it is almost always less expensive than it would be to purchase all of the policies individually.
If you?re a new business owner, or are simply interested in improving the quality of coverage on your existing venture, the commercial general liability insurance policy is definitely the place to start. By shopping online for this type of coverage, you can often find the perfect amount of protection at a price that easily fits into your budget.
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