A commercial general liability policy protects your business from financial loss as a result of property damage or personal and advertising injury caused by your work, operations, or your employees. It will cover you for non-professional negligent acts. It is important for the veteran owner to understand this coverage and it can be a great first step in managing risk.
What Commercial General Liability Insurance Covers
A commercial general liability policy will, in most cases, cover the cost of defense and will pay all damages where you as the business owner are found liable. The amount paid out could be up to the limits on your policy. A veteran owned business should consult with an insurance specialist to give advice on appropriate limits. A lawsuit can carry a negative impact on a business and since this is a frequent occurrence a standard commercial general liability policy will contain the following.
Bodily Injury and Property Damage
This coverage provides protection against losses from the insureds bodily injury or property damage that arise from non-professional negligent acts, or from premises or business operations.
Personal and Advertising Injury
This protects from losses arising from libel, slander, false arrest, infringing on copyrights, malicious prosecution, use of others advertising ideas, and wrongful eviction.
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.
You can purchase general liability as a stand alone product, as part of a business owner’s package, or part of a commercial package policy. It is important for any business owner to consult with an insurance professional to determine the need for this type of policy. As a veteran owned business, it is important to protect your assets, and commercial general liability is step one towards that.