If you have sought the assistance of a commercial insurance agency, the odds are that you have already heard of commercial general liability insurance (CGL). This is the most common type of coverage that these agencies offer their clients. However, many of those just beginning to look into the sometimes overwhelming amount of coverage possibilities may not know the specifics of this type of coverage. Here is just a glimpse into what a CGL can offer your business.
GCL usually covers three types of liabilities and deals with them in different manners. Here is an overview of what clients can expect from each kind of service:
- Premises and operations exposure: this protection shields your business from several physical threats. Whether it is a claim involving property damage or bodily harm suffered by an employee of customer, this type of liability insurance seeks to resolve these situations quickly and efficiently
- Products and completed operation exposure: while this service still works towards protecting your company from complaints regarding physical aspects of your market, it pertains to faulty products which might cause bodily harm or damage to personal property.
- Indirect/contingent exposure: this protects your business from negligent actions of subcontractors that you may hire throughout your processes.
While having a GCL plan for your workplace is the preferred option, finding the terms that are viable for your situation are important. Knowledge is power, and knowing what to expect from your commercial insurance agency can make all the difference in negotiations of your policies.