As a business owner, you need to how vital it is to secure your company. Commercial general liability insurance is a business policy you must have due to the negative impact that claims or lawsuits has on a business. But what does this insurance cover? Here is everything business owners need to know about commercial general liability insurance.
What Commercial General Liability Insurance Covers?
Commercial general liability coverage is one of the most essential insurance policies because liability claims happen almost every day. This policy will cover almost all the expenses of your legal defense. It will pay for all damages on your behalf if you are found liable. This policy can cover the following:
- Commercial general liability insurance protects you from the destruction you cause to third-party property or a bodily injury you cause other people.
- Commercial general liability insurance protects you from lawsuits, claims, libel, improper eviction, and false arrest.
- It pays a percentage for medical bills regardless of your business's liability or negligence.
- Liability insurance will have you covered if you need to get a legal team together. It will cover the amount you need to pay your lawyer and cover your defense.
What Businesses Need Commercial General Liability Insurance?
Commercial general liability insurance covers your company or business from a lawsuit that can lead to bankruptcy. All businesses, whether small or big, should invest in commercial general liability insurance. This include firms in the following industries:
- Creative agencies
- Consultant’s agencies
- IT and tech companies
- Engineering and architecture
- Construction and landscaping
- Expert services, such as lawyers, nurses, accountants, therapists, doctors, and many more.
How Much Does Liability Insurance Cost?
The cost of your commercial general liability insurance varies depending on several factors. Your providers will always ask relevant questions about your business to understand better the risk involved before giving you a quote. Factors that could affect the cost of your liability insurance include but not limited to:
- Type of business – some industries requires higher coverage. For instance, businesses with higher risks of injury, like construction companies, will need more coverage than an accounting firm or IT company.
- Business Location – some states award higher amounts in bodily or personal injury lawsuits, creating the need for higher coverage limits.
- Other key factors include risk to other properties; the severity of claims made, and claims history.
It is vital to talk about your business operations with your provider to get a valid policy.
Get The Right Commercial General Liability Insurance For Your Business
Many insurance companies offer commercial general liability insurance, but not all of them provide the best coverage. At Insureist, we have helped many businesses get the best commercial general liability insurance, and we're here to do the same for you.
We'll ensure you have the right policies that can shield your business from unnecessary exposures. Contact our specialist today at 888-470-1550 for the best commercial general liability insurance policy. We will assess your business and ensure you get the right coverage.