Regardless of how careful and diligent you may be in running your business, you must have adequate insurance. Even a tiny error or brief moment of negligence could lead to a serious incident and substantial losses. Without adequate insurance, your business will be left to cover these unexpected expenses out of pocket, which could have significant ramifications for your finances and future. A commercial general liability insurance policy is crucial to any business’s insurance portfolio.
For over a century, the agents of Newberry Insurance Group have helped businesses in the South Windsor area understand their insurance needs and acquire optimal coverage.
What Is Commercial General Liability Insurance?
Commercial general liability insurance, also referred to as general liability insurance or business liability insurance, is a necessary type of coverage for businesses of all sizes and sectors. These policies cast a broad safety net for your company to insulate you from financial damages arising from many common liability incidents. By making your regular premium payments, your business can rely on receiving financial assistance in the aftermath of an incident for which you are liable.
What Is Commercial General Liability Insurance?
In most cases, an adequate commercial general liability insurance policy can offer financial assistance in response to the following incidents:
· Bodily injury—If your business is responsible for injuries incurred by a third party, such as a guest or customer, this coverage may be able to pay for their medical expenses and resulting lost wages.
· Property damage—If your business is responsible for causing another party’s property to be damaged, this coverage can provide financial aid to repair or replace the items in question.
· Personal and advertising injury—This coverage may insulate your business from damages arising from personal and advertising injury, such as slander, libel, false advertising and copyright infringement.
Who Needs Commercial General Liability Insurance?
As its name may suggest, commercial general liability insurance is a valuable investment for businesses of all kinds. Without a suitable policy, even incidents that may seem minor, such as a customer slipping on a wet floor, could lead to significant damages. Certain tasks or components of your regular operations may make commercial general liability coverage particularly imperative, including the following:
· Inviting third parties to your physical premises
· Storing, transporting or otherwise taking responsibility for another party’s property
· Providing professional services or conducting business operations off-site
· Advertising and marketing (including the use of social media)
· Bidding on contracts
How Much Does General Liability Insurance Cost?
No two businesses have the same insurance needs. Providers must take the time to thoroughly analyze your company and its operations before providing an accurate quote for coverage. In general, the following aspects of your business may impact your costs:
· Age
· Industry
· Location
· Workforce size
· Previous claims
· Policy details (e.g., coverage limits, deductibles)
Get the Right Coverage
All businesses must be aware of the risks and exposures that could lead to losses and damages. If you are liable for an incident that harms another party, the financial ramifications may be significant and, without adequate insurance, even irreparable. Fortunately, a commercial general liability insurance policy can make all the difference.
At Newberry Insurance Group, our agents have the experience and expertise to assess your business and determine its insurance needs. We will work with you to customize and compile optimal coverage. Contact us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.