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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.



Guide On Commercial General Liability Insurance

Every business owner must have commercial insurance to protect their company from different risks and claims. There are various commercial insurance policies, including commercial auto insurance, commercial property insurance, workers' comp insurance and general liability insurance. The following post offers insights about commercial general liability coverage. 

What Is Commercial General Liability Insurance? 

Commercial general liability (CGL) insurance protects a business from losses associated with legal liability lawsuits by third parties. There is a likelihood of causing property, bodily, and other harm to third parties in the process of selling goods or services. The business can be held responsible for the damages in such a case. Even if the company is not held accountable for the damages, it would still incur financial losses in legal defense. Through CGL insurance, the insurer covers the legal costs and claims of damages. Notably, the type of CGL coverage needed varies with the kind of business. 

Types of Commercial General Liability Coverage

Bodily Injuries Coverage 

Commercial general liability insurance covers bodily injuries to third parties due to your business activities. Many incidences and accidents can result in a customer or supplier getting hurt or fatally injured. For instance, a supplier may experience a fall accident within your business premises. Also, a client may get hurt during a renovation project handled by your company. The CGL insurance would cover emergency room services and ongoing medical care. 

Coverage for Property Damage

If the actions and inactions of your business damage other people's property, then you would have to provide compensation. For instance, an error by plumbing contractors may accidentally cause house flooding and subsequent property damage. Without CGL insurance, you can only pay for the damage from your own pocket. Thus, commercial general liability insurance ensures that the third party receives payment to repair or replace the damaged property. 

Product Liability Coverage 

Commercial general liability insurance offers protection from product liability. In some cases, a product sold by your company can cause bodily injuries or property damage to third parties. Irrespective of where the incident occurred, your company may be liable for the damage. For instance, a car manufacturer can be sued for a steering defect leading to a fatal accident. The insurance company would compensate the third parties for the loss and injury inflicted by the vehicle product. 

Coverage for Advertising Injuries 

 CGL insurance provides coverage when a business faces a lawsuit for advertising injuries. Essentially, advertising injuries included libel and slander to third parties. For example, your employees may make defamatory remarks about a competitor. The competitor may take offense and sue for defamation. Also, your business can face a legal suit for using other entities' trademarks or patented processes. The insurance company pays the legal fees and the court settlement for the copyright infringement.

In an era of increased litigation, businesses face a high risk of lawsuits. Commercial general liability insurance is the best way to protect yourself and your business from liability claims. Contact an insurance agency like AK Insurance to learn more.