Your business faces liabilities every day. The only way to protect your assets is to carry adequate business liability insurance. A Commercial General Liability (CGL) insurance policy is the first line of defense against many common claims. General Liability insurance covers claims of bodily injury or other physical injury or property damage. It is frequently offered in a package with Property insurance to protect your business against incidents that may occur on your premises or at other covered locations where you normally conduct business. Commercial General Liability enables your business to continue operations while it faces real or fraudulent claims of certain types of negligence or wrongdoing.
Commercial General Liability - The Most Basic Form of Business Insurance
If you have only one form of business insurance, it is most likely Commercial General Liability. CGL policies cover claims in four basic categories of business liability:
- Bodily Injury
- Property Damage
- Personal Injury (including slander or libel)
- Advertising Injury
In addition to covering the claims listed above, Commercial General Liability policies also cover the cost to defend or settle claims - even if the claims are fraudulent. Professional Liability insurance (also known as Errors and Omissions, or E&O coverage) is a separate type of insurance that protects your business against loss from a claim of alleged negligent acts, errors or omissions in the performance of your professional services.