Liability Insurance
If you run a business, the consumer who enter your office will be the applicant for your business.
As consumers increase their attention to legal issues, there is growing phenomenon of law enforcement. You can avoid this risk, but at least you can transfer the risk on insurance companies using Commercial General Liability (CGL) insurance.
Standard commercial general liability policy (also known as the comprehensive general liability insurance) provides insurance coverage for law enforcement of property hazards caused by workers or criminal behavior of the workers.
This policy also may include intellectual property, contractual liability, tenant liability, and employment practices liability.
CGL policy established for some small or large business, a business partnership or joint venture, corporation or association, and organization or newly acquired business.
This article will explain the characteristic of comprehensive general liability and explain how it can benefit to your business.
Insurance coverage in the CGL policy including physical injury, medical payments, and the preemies, including operation liability.
In the case of law enforcement, insurance companies provide coverage for common hazards that are not covered by the policy, even though they may be covered if allowed by the state where the policy is issued. The amount of risk associated with business and its size will determine the total coverage.
Policies may include compensation of legal defense and investigation of law enforcement, including attorney fees, cost policy reports, and medical costs.
Insurance companies retain the right to legal defense of insurance companies from dangerous property.
General coverage offered by insurance companies include:
1. Physical injury.
In cases where a person experiences with illness or injury, the CGL policies will compensate people with the cost of service, medical care, and compensation for death resulting from accidents or illness.
Claims for companies and their workers will covered by compensation insurance of worker. CGL does not provide coverage in that case.
2. Hazard property.
Under CGL policy, insurers make ownership reimbursement from some harmful impact resulting from the use of property.
3. Fire hazard.
CGL will compensate for your business from fire hazards.
4. Preemies and operation liability.
CGL policy covers liability arising from business operations.
For example, your customers fall in the office, then the insurance company must pay medical expenses for your customer.
5. Products-completed operations liability.
If your product fails, your company may be punished. In such cases, the insurance company will pay the legal costs incurred.
6. Contractual liability.
CGL policy covers liability increased from entering the lease contract, license contract, elevator maintenance contract, and so on.
So it is important to clarify the type and amount of coverage provided by your guarantor. Alternative coverage above may differ among insurance companies with one another.
