The Unbeatable Bargain That Is CGL Insurance | Fight Back High ...

For any small-to-medium sized business to effectively guard its assets, commercial general liability insurance is usually considered the minimum, and in some cases, the only real coverage that the company will need. Larger firms with several physical locations, more employees and greater revenues, typically require additional coverage on certain assets but, for almost all smaller businesses, the standard CGL (commercial general liability policy) represents an all-in-one bundle offering suitable levels of coverage at a reasonable price.

What Does A Standard CGL Cover?

There exist four types of liabilities that generate the overwhelming majority of claims against small companies: advertising injury (libel and slander), personal injury, bodily injury and property damage. Commercial general liability policies allow companies to purchase one comprehensive policy against all four of these kinds of exposure rather than buying individual policies for each. As an added benefit, the typical CGL is usually cheaper than it would be to buy four the four policies individually.

Just How Much Coverage Is Provided?

Even though coverage levels offered by the typical CGL may be insufficient for businesses that generate unique types of exposure, they are generally more than enough for the ordinary small business venture. The monetary amount paid by a particular policy can vary greatly from one plan to another but, generally speaking, a CGL will always cover any attorney?s fees or damages awarded against your business that are caused by a covered claim. Should you feel that the coverage limits stipulated in your policy might be too low, you always have the option of purchasing a supplemental umbrella policy to insure amounts that exceed your base coverage.

The Definition Of An ?Umbrella Policy?

?Umbrella policy? is the name given to any kind of supplemental insurance that provides a specified monetary level of coverage beyond what is written into the base policy. Basically, the umbrella policy is used to cover you against attorney?s fees and judgments that exceed your standard general liability insurance plan?s limits.

Not every small business needs an umbrella policy, but given their relatively low cost and great potential value, these types of policies tend to be worth having anyways. The amount of additional monetary coverage offered by umbrella insurance can be adjusted to match your business? unique profile along with your budget.

Summarizing The Benefits Of A CGL

In addition to the advantage that a CGL will cover the four most important things to a small business owner (property damage, bodily insurance, advertising claims, and personal injury claims), it also does this in the most-economical manner possible. By combining multiple individual plans into one comprehensive policy, it usually is more cost-effective than it would be to purchase all of the policies individually.

If you?re a new business operator, or are just interested in improving the quality of coverage on your existing venture, the commercial general liability insurance policy is definitely the place to begin. By shopping on the web for this kind of coverage, it is possible to find the perfect amount of protection at a price that easily matches your financial budget.

For additional information on commercial general liability insurance, look for more upcoming articles from Darin Mendanor. In addition to the insight into CGL he has gained through 15 years in the public liability insurance industry, Darin is also a frequent guest author on subjects related to entrepreneurship.

Tags: business, business insurance, commercial liability, commercial liability insurance, finance, general liability insurance, Insurance, liability insurance, public liability, public liability insurance, small business, small business insurance

Source: http://fightbacknewjersey.com/the-unbeatable-bargain-that-is-cgl-insurance/07/27/2011/

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