As an employer, one of your top priorities is the safety of your workers. That said, accidents can happen, leading to the injury of your employees or property.
Ensuring you have financially protected your company in the event of such injury is an important consideration to make. Commercial general liability insurance is one measure you can take, giving you a certain peace of mind in times of crisis.
But what is commercial general liability insurance, you may ask? We break down the term below and explore its coverage.
Learning About Commercial General Liability Insurance
What is commercial general liability insurance?
Commercial general liability insurance (CGL) is a type of insurance policy. It provides financial coverage to businesses and corporations for bodily harm, personal injury, and property damage that occurs on the company’s premises. Said injury or damage can also be a result of interacting with the business’s operations, equipment, or products.
Does CGL cover all claims resulting from injury or damage?
Overall, CGL is considered to be comprehensive business insurance. However, this answer may be dependent on the level of coverage your CGL provides. As a business owner, you have the choice of the degree of coverage you feel your company requires.
Some coverage levels focus primarily on the premises, which includes any worker injury that occurs on the property. Other levels extend to damages that are a result of finished products or services done off-site.
Speaking with a professional insurance broker is always a great start in deciding which coverage level is right for you.
Are there different types of CGLs?
There are two types of commercial general liability policies:
- Occurrence
For the claim to be valid, the injury, harm, or damage must have taken place during a specific period of time.
- Claims-made
These claims are covered during any period of time, as there are no restrictions surrounding when the injury, harm, or damage must have taken place.
Taking care to ensure your company is protected if the worst happens is a smart precaution to take. Don’t hesitate to talk to an insurance broker about getting commercial general liability insurance or whether your current coverage level is the right one for you.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].
