Commercial General Liability
While a primary insurance policy is typically enough protection for most individuals, businesses can benefit from protection around injury and damage to people, property, or reputation. Liability insurance protects individuals or companies in the event that someone is injured on the property or the property is damaged by you or others. Having liability insurance protects a business from dealing with major lawsuits or financial ruin due to a customer or employee’s injury and medical costs. Here is what this insurance will cover and how you can benefit from it.
What Is Commercial General Liability Insurance?
General Liability Insurance is the same for homeowners, individuals, and businesses. The only difference is that businesses can add advertising injury policies to prevent legal ramifications from a campaign that defames a competitor. Finding an insurance company that offers advertising injury protection could make all the difference to a smaller company.
All Businesses Will Benefit From General Liability Insurance
Even if your company makes a high revenue, you can always be at risk for financial ruin. Without insurance, there is a higher risk for customers to take you to court and put you in a difficult spot. Choosing enough insurance to cover all your assets and income will save you from legal costs.
A safety net will protect a small and large business from paying out of their own pocket. Anyone who provides a service or has a physical business can benefit from the protection of a CGL. Finding the right insurance company with the proper protection is crucial to providing peace of mind in the future. Working with Tower Insurance Brokers will help you find the most affordable option that meets the unique requirements of your business.
Some industries that frequently purchase insurance include:
- Architects
- Caterers
- Engineers
- Landscapers
- Painters
- Photographers
- Plumbers
- Small companies
- Independent contractors
- Sole proprietors
- Marketers
- Retail spaces
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What General Liability Insurance Will Pay For
Having liability insurance will protect you, most often, when a customer decides to sue you. The insurance company will help you cover the costs of attorney fees, defense costs, evidence gathering, documents, settlements to the customer, and medical payments.
On the surface, these payments may not seem like a lot, but they can build up over time. Especially if you have a complex case, the longer your case takes to resolve, the more you will be expected to pay. Without insurance, your business and all your assets are at financial risk.
Advertising injury is one of the more specific coverings offered in policy add-ons. CGL covers non-physical damages like defamation, copyright infringement, or false advertising. The insurance company will cover emotional damages of their loss of reputation or the lawsuit proceedings.
Compliance For Partnerships
Before you partner with other businesses or individuals, you may have to have liability insurance. Many clients will require you to carry liability insurance so that they don’t have to risk their reputation, company standing, or advertising. Engaging in business contracts when both companies are covered by liability insurance is a safer business transaction.
Insurance Brokers Vs. Insurance Agents
When you know nothing about insurance coverage or policies, working with a broker can help you avoid pitfalls. Insurance agents work for their specific company and only offer the policies that the company wants to provide. They will not be able to help you find a better price from other local companies and want to sell you on their policies and coverage options.
Brokers know the best policies in the area and all the features to help get you the best deal. Brokers can also explain lingo and terms to help clarify exactly what you are getting from that company. They look at reviews of each company and how you could combine policies from multiple companies, or create a bundle within one company. They may be able to help you negotiate your rate so you pay a lower monthly premium for the best amount of coverage.
More About Tower Insurance Brokers
Tower Insurance Brokers are a local broker that can help with residential and commercial insurance. Unlike agents, we can help you find a broad range of policy options and think of risks you may not have thought of on your own. For individuals and businesses in Idaho, working with our experts can save you money in the long run and protect you from unanticipated risks. We help you avoid mistakes or gaps in your policy that can put your assets at risk. Reach out to our Idaho office to better protect your business today!