Just the Basics: Commercial General Liability Insurance aka GL Insurance
Commercial General Liability Insurance (GL Insurance) coverage is a very effective way to protect your business assets. GL insurance protects your business from damages caused by bodily injury or property damage in situations where your business may held legally liable and pays for your costly legal bills associated with the allegations.
GL insurance coverage covers the cost to defend, settle claims and allows you to resume normal business operations while dealing with claims against your business.
What Does GL Insurance Cover?
A typical GL Insurance policy provides coverage for claims of:
- Bodily injury or other physical injury
- Personal injury (libel or slander)
- Advertising injury
- Property damage as a result of your products, premises or operations
- Liability you incur as a tenant for damage caused to the property of others
GL Insurance Can Also Cover:
- Automatic Additional Insured – Coverage is provided for written contracts, agreements and permits.
- Advertising Liability – Protects against offences made by you or your staff during the course of business.
- Defence Costs – Provides coverage for legal expenses for liability claims brought against your business, regardless of who is at fault.
- Medical Expenses – Provides coverage for medical expenses if someone is injured on your premises or by your products.
- Occupiers and Operations Liability – Provides coverage for bodily injury and property damage sustained by others on your premises or in conjunction with your business operations.
- Products Liability – Provides coverage for bodily injury and property damage sustained by others as a result of your products.
Cost of GL Insurance?
The amount of GL Insurance coverage that your business needs depends on three factors:
- Perceived Risk – Consider the amount of risk associated with your business operations and functions.
- Premises and Operations Liability – If you operate in a province or area that has a reputation for rewarding high damages.
- Type of Product Manufactured – If you manufacture a dangerous product, you may want to carry higher limits of liability.
An ALIGNED Advocate can provide expert guidance about GL insurance for your business as well as risk management best practices for your organization. Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|