Why Commercial General Liability Insurance Is Important

Whether you oversee a large corporation or own a small company, risk management and loss control are essential business practices. Situations in which you’re potentially responsible for other parties’ losses can be particularly consequential, making appropriate insurance essential. With these concerns in mind, the team at Taylor-Moore Agency is here to help your organization understand the importance of commercial general liability (CGL) insurance.

What Is It?

Also known as general liability insurance, a CGL policy can establish a financial shield against many possible incidents that may impact a wide variety of businesses. Scenarios where you or your employees are potentially at fault for causing harm to customers, clients, guests and the general public are, unfortunately, commonplace regardless of industry or precautions. Fortunately, a CGL policy can address many such situations and limit resulting out-of-pocket losses.

What Can My Policy Cover?

Exact specifications of CGL insurance may vary, with policies often being customizable and able to be tailored to your business’s unique circumstances. Typically, your coverage may help address the following:

• Bodily injuries—If someone is physically harmed as a result of your business operations, such as due to an accident while visiting your premises or a defective product, your insurance may compensate them for medical bills and other losses.
• Property damage—Your CGL insurance can also pay out if your company is responsible for an incident in which other parties’ property is damaged, such as if an employee breaks a customer’s belongings while working on them.
• Personal and advertising injuries—General liability insurance can also help address the financial ramifications of personal injuries and reputational harm, potentially compensating affected parties and funding legal costs related to slander, libel, false advertising and copyright infringement.

Is Coverage Required?

Coverage isn’t typically required by law, but it’s important to discuss potential obligations with your broker. Additionally, many clients and landlords may require you to show proof of a CGL policy before agreeing to work with you or rent space to your business.

We’re Here to Help

If you’re seeking general liability coverage in Derby, VT, contact Taylor-Moore Agency today to assess and address your insurance needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.