Commercial liability insurance covers businesses for liabilities they face every day. Living in such a litigious society means allegations can be brought against businesses at any time, whether legitimate or fraudulent. Some examples of liabilities businesses face include:
- Slip and fall accidents in grocery stores.
- Damage caused to a client’s property by contractors.
- Copyright infringement by a website developer.
To learn more about commercial liability insurance, let’s examine what it covers, who needs it and where to buy it.
What Does Commercial Liability Insurance Cover?
Commercial liability insurance, also called Commercial General Liability Insurance (CGL), protects businesses against property damage or bodily injury claims. There are many protections offered by a commercial liability insurance policy, but some main ones include covering the cost of:
- Legal fees.
- Medical expenses incurred by those you injure.
- Property damage you cause.
- Financial harm you cause as a result of libel or slander.
Who Needs Comm. Liability Coverage?
All businesses should consider buying commercial liability insurance since every business faces some sort of liability exposure. Some businesses, however, may be required to carry liability insurance by contract or government mandate. Oftentimes, vendors will require businesses to carry certain limits of liability insurance. Customers for whom you are performing work may also request to see a copy of your commercial liability insurance certificate. If you want to be rewarded the job, you’d better have coverage in place.
Where Is The Best Place To Buy It?
If you’d like to get multiple quotes on commercial liability insurance from a variety of carriers, the best place to shop is with an independent insurance agent. They’ll be able to get several quotes from top rated carriers and help you compare them to find the most comprehensive coverage at the lowest cost. This will make your purchasing decision easier, and you’ll only have to use one source instead spending all day searching for the best deal.
Business owners know there are many things that can happen in the course of their daily operations for which they could be held liable. They don’t even have to be at fault to be sued. Purchasing a commercial liability insurance policy is the best way to protect companies against such claims. Knowing what it covers, who needs it and where to buy it is a great starting point for business owners wanting to protect their companies. Once coverage is in place, it becomes a lot easier to sleep soundly at night, and our insurance agency in Atlanta wants to be sure you’re comfortable with your coverage. Insurance has the ability to bring peace to your life and help you succeed.