Monday, July 26, 2021

What is Commercial General Liability Insurance and how it can protect your business

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When it comes to buying commercial insurance, Commercial General Liability insurance policy is a very important type of plan any business must consider due to its comprehensive set of applications and relevance of its subject to most types of businesses. No business is free from the risk of facing some potential threats like accidents to a customer or vendor or any third party connected to your business or its operations. Imagine someone has to slip and fall in your business premises and this simple incident can take a devastating dimension if the victim has to file a lawsuit claiming compensation. In the event of such lawsuits, a commercial general liability insurance coverage can help you escape the burden of expenses involved in facing the lawsuit and compensating the victim.

The scope of Commercial General Liability Insurance plan
Commercial general liability insurance plan offers the appropriate financial support to businesses against different kinds of legal liabilities on account of bodily injury, damage to property that can happen due to your business operations.

What does it cover?
Commercial General Liability insurance can be explained as a plan that covers both public and product liabilities within a single policy.

Covers for the legal liability can pay for the damage in the event of bodily injury or damage to property or even both. There is no limit of cover and the incident could have happened inside the premises or outside the premises. It could also have happened in an owned or rented premises. Also, the incident could have happened during or after the business hours.

The coverage provided includes any kinds of bodily injury or damages caused by the use of the products supplied by the business. A product liability insurance will cover the costs of compensation necessitated in the event of a problem, and the financial losses that a third party suffered on account of consuming the product. The third party must have suffered a property damage or bodily injury.

Third party injury protection can cover injuries to non-employees, the immediate medical expenses of the injured, legal costs due to the incident, court expenses and lawyer’s fees, judgments and settlements, cost of repairs to damaged property.
Product Liability Protection can cover the damages your products have caused, legal costs of the lawsuit. Aspect known as Advertising Injury Protection can cover the costs of invasion of a property, slander or libel, trademark or copyright infringement, and the legal costs that you have incurred due to the incident.

Have you done the homework?
Choosing a commercial insurance product for your business is not a straight forward job. You need to take into account several aspects related to your industry domain, business model, size of the enterprise, typical business setting and your coverage preferences. Hence working with a reliable and accomplished business insurance broker can help you find the right plan that will match with yoru expectations and situation. To find the most economical plan that also offers a comprehensive coverage, get commercial insurance quotes Calgary from multiple providers so that you can take an informed decision by comparing between them.

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