Introduction to Business Insurance
If you are thinking of starting up your own business then you will need to consider ensuring you also have the correct form of business insurance. Whether it’s an extension on your home insurance to cover your small home based business or coverage to protect your large manufacturing business, an insurance broker is your best option to ensure you are well informed and advised so you can make the best insurance decisions possible. An Insurance Broker can also help you decide what your business exposures are and the best way to help mitigate these potential risks and losses.
Commercial General Liability Insurance (CGL) is the most common liability coverage form when it comes to business insurance. The CGL wording is typically designed to provide coverage resulting from either accidents or injury where the business owner is found negligent. This policy wording will typically provide coverage for Bodily Injury and Property Damage, Personal Injury and Advertising Injury Liability, Medical Payments and Tenants’ Legal Liability (exclusions may vary, depending on your insurance wording). Some of the key features of the CGL are:
- Coverage is provided for bodily injury and property damage only
- Payment is made only for “those sums that the insured becomes legally obligated to pay…”
- Insurer is liable for payment of compensatory damages only.
Every business is different and some forms of coverage may not apply to all businesses. Determining exactly how much insurance is needed can be difficult so it is important for you, the business owner, to deal with an experienced commercial insurance broker who can help guide you through this process; you can follow the link on our webpage to request a quote from one of our dedicated team members.