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Providing personal care and hands on service for all your Insurance Policy needs. We are here to give you a sense of security for your future. GOLDBRIDGE INSURANCE Providing personal care and hands on service for all your Insurance Policy needs. We are here to give you a sense of security for your future. GOLDBRIDGE INSURANCE

General Liability Insurance: Your Defense Against Liabilities

The only way to effectively protect the assets of your business is to carry adequate commercial general liability (CGL) insurance coverage. CGL protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.

What Does CGL Cover?

A typical CGL policy provides coverage for claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises or operations, and can be offered as a package policy with other coverages such as property, crime, automobile and more. As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims. Here is more detail into what a typical CGL policy may cover:

  • Automatic additional insured: Coverage is provided for written contracts, agreements and permits.
  • Personal and advertising injury: Protects against offenses made by you or your staff during the course of business, such as libel, slander, disparagement or copyright infringement in advertisements.
  • Defense costs: Provides coverage for legal expenses for liability claims brought against your business, regardless of who is at fault.
  • Medical expenses: Provides coverage for medical expenses if someone is injured on your premises or by your products.
  • Premises and operations liability: Provides coverage for bodily injury and property damage sustained by others on your premises or in conjunction with your business operations.
  • Products liability: Provides coverage for bodily injury and property damage sustained by others as a result of your products.

How Much Coverage Does Your Business Need?

The amount of coverage that your business needs depends on three factors: perceived risk, where you operate your business and the type of products you manufacture.

  • Perceived risk: Consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery you would generally need more coverage as compared to another organization that manufactures stuffed animals.
  • Premises and operations liability: If you operate in a state that has a reputation for rewarding high damages, then you may wish to purchase higher limits of liability.
  • Type of product manufactured: If you manufacture a dangerous product, you may want to carry higher limits of liability.

Remember, you can purchase an Umbrella Liability policy to help achieve the desired limit of liability.

Other Ways to Protect Your Business, In Addition to CGL

Here are some other tips for protecting your business.

  • Establish a high standard for product quality control at your organization.
  • Keep all company records up to date and accurate.
  • Train your employees thoroughly and properly.
  • Ask Goldbridge Insurance Services for safety and compliance information.

Goldbridge Insurance Services understands that your business needs to be protected, and we are here to help. Please contact us today to learn more about our risk management and insurance solutions.

BENEFITS OF COMMERCIAL GENERAL LIABILITY INSURANCE

Even in the most well-run businesses, incidents happen. Whether these incidents result in property damage, bodily injury or both, they can be costly for businesses to deal with. As such, it is important for your business to be covered for a variety of possible risks.

A commercial general liability (CGL) policy protects your business from financial loss should you be liable for property damage, bodily injury, or personal and advertising injury caused by your services, business operations or your employees. Simply put, a CGL policy casts a wide net of protection for you and your business by covering various liabilities such as:

Third-party bodily injury protection. Something as simple as a guest or a client visiting your business and slipping on a wet floor can result in serious financial damages. CGL provides coverage for bodily injuries suffered by third parties on your premises or in relation to business operations.

Third-party property damage coverage. A CGL will also protect your company in the event that you are found liable for damage to someone else’s property. CGL policies typically cover damage to tangible property as well as damages for the loss of use of the tangible property.

Protection against personal and advertising injury liability. Not all damage is physical. A CGL policy will also give you ample coverage for offenses made by employees of your company such as copyright infringement, slander, libel or malicious prosecution.

Coverage for medical expenses. CGL policies will provide protection for your company if a nonemployee is injured on your premises or in an incident related to your operations. Coverage for medical payments can be triggered without legal action and allows for smaller medical claims to be settled quickly and without litigation.

A sturdy defense. Going to court or having a claim filed against you can have company-changing costs. CGL coverage includes protection for legal expenses in the event that your business has a liability claim brought against it.

Want to Learn More About Commercial General Liability Insurance?

Running a business comes with plenty of risk, so it’s important to make sure that you’re protecting yourself with the appropriate coverage. Contact us today for more information on how a CGL policy can protect your bottom line.