No matter whether your business is running well or not, incidents happen in daily life. The incidents can be of any type and may result in bodily injury, property damage, or both; this can cost business risk. Therefore, a business needs an insurance policy that possibly covers all the variety of risks. A commercial general liability insurance policy is the one that guards the business against financial loss and covers the damage of personal property. This policy casts wide protection for your business as it covers many liabilities.
Liabilities covered under the CGL policy:
- Third-party property damage coverage
Incidents can happen in which damage is caused to someone else’s property because of your mistake or business, CGL policy helps by covering all the damage of other’s property. It mainly covers the damage caused to tangible property and damage caused by the loss of that property.
- Coverage of medical expenses
If a non-employee is injured due to an accident on your premises due to your operation, then CGL policy will protect your business. The coverage of medical expenses can be done without taking any legal action and allow medical claims to be settled without litigation quickly.
- Third-party bodily injure protection
Financial damages can occur knowingly or unknowingly, and the CGL policy provides coverage for the body injuries that happened to third-parties in your premises due to your business operations.
- A powerful defense
There might be some people that intentionally claim a file against you. CGL provides protection for all the legal expenses if a liability claim has been brought against your business.
Running a business is not that easy as it comes with plenty of risks; it is imperative to cover all the possible risks by taking an appropriate insurance policy. Having commercial general liability insurance is the best way to cover these risks.