Having been in the insurance business for as long as we have, we possess valuable insights into the nuances of insurance. One astonishing revelation is the widespread lack of awareness among business owners throughout Hampton Roads regarding the distinctions between various types of liability insurance.
Under the broad category of liability insurance, both general liability and commercial general liability insurance provide crucial coverage within the general insurance system of risk financing. This insurance protects purchasers from the risks of liabilities imposed by lawsuits and similar claims, shielding them if legal action is taken for claims falling within the coverage of the policy. For any insurance plan, liability coverage stands as a fundamental and pivotal factor.
Commercial general liability insurance, also referred to as general liability insurance, assumes the “commercial” designation when acquired for business purposes.
So, what does your commercial general liability insurance cover?
In essence, it encompasses a wide range of scenarios. From workplace injuries to litigation arising from slander accusations, commercial liability insurance proves indispensable for businesses of all types. Throughout a business’s lifespan, they are likely to face a liability claim.
The coverage includes:
Damage to Your Reputation:
- Say you own a pizza restaurant in Newport News, VA, and a disgruntled employee goes online to damage your hard-earned reputation. Your Commercial General Liability Insurance would step in to cover and financially address these matters.
Third-Party Damages:
- Commercial general liability insurance safeguards against third-party damages, encompassing bodily injury or property damage. For example, if a customer at your fitness center in Williamsburg, VA sustains injuries on your property and initiates legal action, your insurance can cover their medical bills. The same applies to property damage caused by you, your employees, or your operations.
Damages in Advertising:
- Copyright infringement can pose significant threats to your business. Thankfully, your Commercial General Liability Insurance provides coverage for such infringements, mitigating potential damages.
However, it’s equally important to understand what your commercial general liability insurance does not cover:
Liabilities Covered Under Worker’s Compensation:
- Injuries or illnesses sustained by employees in the workplace are not covered under Commercial General Liability Insurance, as these fall under worker’s compensation.
Litigation Matters Related to Employment Practices:
- Legal issues arising within the realm of employment practices are excluded from Commercial General Liability Insurance coverage.
Commercial Property Insurance Matters:
- As a separate category, matters falling under commercial property insurance are not within the scope of Commercial General Liability Insurance coverage.
At Goodrich & Watson Insurers, we strive to make your professional and private life easier by offering the best insurance plans tailored to your specific needs. Our team of insurance experts is dedicated to providing excellent service to help protect your business. Contact us today!
