What Is Commercial Liability Insurance?

What Is Commercial Liability Insurance?

It doesn’t matter if you own a business, are a consultant, or are a skilled tradesperson, there will always be inherent risks involved in any line of business, which could result in financial repercussions. That’s why commercial liability insurance is crucial to have in order to help mitigate potential, unforeseen risks, protecting you and your business operations overall. Read on to learn more about how to give your business the best line of defence with the right coverage.

What Is Commercial General Liability Insurance?

When you operate a business, even as a contractor, you become liable or responsible for certain damages that could happen to a third party, such as a customer. And the reality is, in some scenarios, even if your business didn’t technically do anything to cause damages, you could still be held accountable and end up with a lawsuit. 

Commercial general liability insurance was designed for this purpose. If you’re found legally responsible for damages to property or a person, whether it’s from a product, a service you provided or from someone being in your commercial space, it can cost you a significant amount of money. CGL insurance coverage can offer protection to your business against such claims and financial loss. 

Here’s how CGL can safeguard your business:

Property Damaged Liability

If you operate a small brick-and-mortar business, property damage liability is important to have. Even when you take all of the necessary precautions to maintain a safe and professional business, accidents and damages can still happen. And when they do, you could face expensive legal fees. Commercial liability insurance will help cover you in case someone claims, for example, that their vehicle was damaged while in your possession. It can even protect your business operations that are conducted offsite, such as staffing or catering an event. No matter how small your business may be, it’s important to have your bases covered against unforeseen risks that you could be held accountable for.

Bodily Injury

Bodily injuries can happen to anyone who is physically in your business front, including employees, customers, maintenance personnel, or delivery vendors. And if someone enters your business and gets injured while they’re there, they could have the means to sue your business for compensation for their injuries, even if there was no direct cause, like a slippery floor or damaged stairway. It’s just another reason why CGL insurance is so crucial to have in case you face legal action.

What Is a Commercial Auto Insurance Policy?

You should have commercial auto insurance if your business conducts offsite work and uses business vehicles to get around or deliver goods. It doesn’t matter if your business has one vehicle, a large fleet or trucks – any business-related vehicles should have commercial auto coverage. This will include physical damage and liability coverages such as:

  • Bodily injury liability
  • Property damaged liability
  • Medical payments
  • Comprehensive physical damage
  • Collision coverage

Protect Your Investment

You put a lot of hard work into establishing your business and helping it thrive. But the reality is every business encounters risks every single day. One simple mishap could lead to financial consequences that could wipe out your assets and leave your business in ruin. Having the right coverage is the best way to safeguard your investment and gain peace of mind.If you need commercial general liability insurance, contact us at Tanner Insurance today. Our team will work with you to get the tailored coverage that your business needs to stay protected. Reach out to speak with a broker today!

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