Commercial general liability insurance aims to protect businesses from claims related to property damage, bodily injury, and personal injury and advertising injury which are composed of liber and slander. This is regardless of whether there are merits to the claims. If you have a business owner’s policy, then you have already liability coverage. But for business that don’t need the traditional business owner’s policy but is still in need of general liability insurance, then commercial general liability coverage may make sense. This generalliability insure anchor is great source of general liability insurance for contractors.
What do these typical policies cover?
This policy covers the court costs, the attorney’s fees, judgments or settlements to include medical expenses of the claimant up to the amount the policy limits. The claims can include damages, injuries that occur at your place of business, off-site. This can either be caused directly or through neglect on the part of the owner, or by the employees or partners or anyone that is legally associated with such business.
How high is the rate of the insurance?
Like all types of insurances, there are many variables that affects the rates particularly for high-risk industries or companies with reputation of high sum jury may need to pay more. The policies will specify a limit for the duration of the coverage, or usually per occurrence limit.There are two type of coverage:
- Claims made Policy – refers to providing protection against any claim which is made during a specific period
- Occurrence Policy– protection to claims that are made many year back after a specific incident usually for additional costs, as long as the incident occurred within the policy term.
No one can predict when claims are going to be made by whom and the reasons behind them. It is just it exists and as a business you need the protection a general liability insurance can provide. Don’t feel it was a waste if the coverage you paid for a certain term was not used; you just have to continue providing yourself and your business with such protection. That is because you are not sure, what if you fail to get the coverage now and that was the time that such insurance will be needed. Be proactive in that.