Commercial General Liability
Commercial General Liability (CGL) policies protect businesses from financial loss should they be liable for property damage or personal and advertising injury caused by your services, business operations, or your employees.
Situations in which your business could be responsible for paying various costs include medical and legal expenses, and compensatory or punitive damages. This could be caused by:
- A customer slips and falls on a wet floor in your shop and is injured
- An electrical employee leaves water running in a customer’s home causing damages.
- A class action lawsuit is filed against your business after a customer alleges published advertisements were false and misleading.
What Commercial General Liability Insurance Covers
CGL coverage is one of the most important types of insurance coverage as liability suits have become more commonplace, unfortunately.
Standard CGL Insurance includes:
Bodily Injury and Property Damage
Bodily injury and property damage coverage provides protection against losses from the legal liability of insureds arising out of non-professional negligent acts or for liability arising out of their premises or business operations. Mental and emotional distress are also covered under the CGL policy.
Personal and Advertising Injury Liability
Personal and advertising injury liability protects an insured against liability arising out of certain offenses, such as:
- Malicious prosecution
- False arrest
- Infringing on another’s copyright
- Wrongful eviction, entry or invasion of privacy
- Use of another’s advertising idea
Limited coverage for medical payments includes payments for injuries sustained by a non-employee caused by an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. Medical payments coverage can be triggered without legal action.
Medical payments provides for prompt settlement of smaller medical claims without litigation. As part of the CGL policy, all necessary and reasonable medical, surgical, ambulatory, hospital, professional/skilled nursing, and funeral expenses are included in the policy for a person injured or worse in an accident taking place at the insured’s premises or from business operations.
What types of businesses needs professional liability insurance?
- Information technology (IT) consultants
- Graphic designers
- Real estate agents and brokers
- Insurance professionals
- Software developers
- Investment advisors
- Management consultants
How much product liability insurance does your business need?
Cyber and Privacy
- Computer Fraud
- Data loss/destruction
- Business Interruption
- Cyber Extortion
- Funds Transfer Loss
Businesses in each state with comparable workplace injury patterns and costs are grouped into categories or classes. Rates are determined and assigned to each class based on loss costs within the class over the last five years. Economic factors for each state are linked to the data to better determine the class rate.A system called “experience rating” (sometimes referred to as an X-Mmod) allows for modification of the class rates based on the loss history of an individual business. This system provides business owners a significant amount of control over the cost of their workers’ compensation premium – safe businesses receive lower premiums and unsafe businesses, in which a lot of accidents/claims are reported, are penalized with higher premiums. All states, with a small number of exceptions, require businesses with employees who are not owners, to purchased workers’ compensation coverage for those employees. Businesses that fail to provide workers’ compensation coverage can face severe penalties, including payment of claims out of pocket, fines and possible imprisonment, as well as possibly losing the right to conduct business in the state. For more information about workers’ compensation insurance, including risk management and workplace safety, please contact us.
Medical Professional Liability
Executive Risk Insurance and Directors and Officers Liability
Employment Practice Liability
- Sexual harassment
- Breach of employment contract
- Wrongful termination
- Wrongful discipline
- Wrongful infliction of emotional distress
- Negligent evaluation
- Failure to employ or promote
- Deprivation of career opportunity
- Mismanagement of employee benefit plans