Commercial general liability insurance is a type of insurance that offers protection from financial losses arising from third-party bodily injury claims or property damage. Businesses typically require this coverage to protect themselves from the potential risks of operating their companies.
Commercial general liability (CGL) insurance protects your company from lawsuits alleging that your company caused bodily injury or property damage. This type of insurance can help cover the costs of defending your business in court, even if the lawsuit is unfounded.
Your business faces various risks, from the products you sell to your services. If your customers visit your premises, you also risk them being injured while on your premises. Even if you have taken all the essential precautions to prevent accidents, you can still be liable if someone is injured or damaged while on your property.
CGL insurance can help protect your business from these types of risks. It can cover the costs of defending your business in court if you are sued, even if the lawsuit is unfounded. Having the right CGL coverage in place can help give you peace of mind knowing that your business is protected from the financial burden of a lawsuit.
What Is Liability?
Liability is a legal term used to describe the financial responsibility of an individual or business for damages or losses incurred by another party. In industry, liability is often used to describe a company's risk of pursuing a particular course of action. For example, a company may be liable for the actions of its employees if those actions result in damages to another party.
Liability insurance protects your business from being held responsible for damages to a third party. This type of insurance can help cover the costs of a lawsuit, settlements, and court fees.
What Is Commercial General Liability Insurance?
Commercial General Liability (CGL) insurance is a type of insurance that protects against liability claims arising from your business operations. It can cover the costs of defending against a lawsuit and any damages that may be awarded if you are found liable.
CGL insurance can help protect your business from various claims, including bodily injury, property damage, personal injury, and advertising injury. It can cover the costs of defending against a lawsuit and any damages that may be awarded if you are found liable.
Most CGL policies will limit the coverage they provide, so it is vital to ensure you have adequate coverage to protect your business from a worst-case scenario. You should be aware of any exclusions in your policy, as there may be certain types of claims that are not covered by your CGL insurance.
Conclusion
Commercial general liability insurance is an essential type of insurance for businesses. It can help protect businesses from various risks, including third-party bodily injury and property damage, as well as claims for advertising injury and personal injury. While companies are not required to carry commercial general liability insurance, it is generally a good idea.
If you want to ensure you have adequate coverage for your business, you should consult Cooke Insurance. As an insurance broker in Saskatoon, we will give you sufficient financial protection. So, contact us now for a quote!