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Business owners know that commercial liability insurance is a must have as it is often a prerequisite to getting a loan or leasing an office space. Many policy holders or new customers looking for insurance in the market find it difficult to understand what its exactly means to be insured and what is covered so we have decided to bridge that gap.

What is Commercial Liability Insurance?
Commercial general liability insurance, often referred to as CGL is the most basic insurance policy which protects small business owners against third party bodily injury and property damage risks associated with their business operations.

A CGL policy protects the business owner over the following claims:
   o Injuries to customers, suppliers and any visitors at the business location as well as subsequent medical payments incurred
   o Injuries that occur off-site by any employee of the company as well as subsequent medical payments incurred (while working)
   o Damage to someone else’s property caused by an employee while working
   o Personal and advertising injuryAny injury caused by libel or slander

A CGL policy is only the minimum that a small business owner should have and is the most basic of business insurance policies. We recommend that small businesses owners protect themselves with comprehensive coverage to protect themselves from other risks. from more other unfortunate events.

Do I need a CGL policy?
Some small business owners don’t know they need liability insurance, believe that their business carries no risk or think it’s too expensive. The truth is, no matter how small your business is, even if it’s run from your home, all online or just part time it’s still a risk and you can be held liable for. Even if you consider not getting other business insurance policies, at the bare minimum, every business should have a standard CGL policy to protect them from risks.

How can I save money on Commercial Liability Insurance?
   o Purchase a bundled product designed for small businesses
   o Do not compromise cost for value and look for complete coverage
   o Purchase sponsored products at members prices 

What other business insurance policies should I consider?
While a CGL policy is a great start and a must have, you’ll need to consider other policies for other risks/costs associated with your business. Here’s a list of some business protection policies that businesses often bundle together for 360° coverage. Bundled policies and policies sponsored by groups/associations are often cheaper than individual polices.

Insurance can be complicated but it does not have to be; reach out to us and ask us your insurance related questions. We are here to help!