CGL Insurance (Commercial General Liability)
For many small businesses, having adequate insurance coverage is necessary in case of an accident or lawsuit. Small business insurance can offer peace of mind and comfort to the owner’s of the business and its employees. Commercial general liability insurance (CGL insurance) can cover many areas including injury, property damage, and legal costs. It is important to consider having insurance to cover unfortunate incidents that may happen when running a small business.
Many small businesses do not invest enough in general liability insurance in an effort to keep costs down. But if there is an accident, many small businesses end up going out of business because they cannot cover the costs involved. It is wise when setting up any business to list scenarios where CGL insurance might be needed. Depending on the type of business, this list can be very long. Small manufacturing businesses, businesses that have displays in grocery or department stores, moving companies, and others that rely on manual labor should consider commercial liability insurance. Having business insurance may save a small business during a lawsuit or a settlement. Many times, a business cannot afford to miss production times or pay for legal costs involved in reaching a settlement. Commercial general liability insurance can pay these costs.
Even if the accident or injury was not the fault of the small business, they may still be sued. Protecting owners and employees is the biggest benefit of having commercial insurance. Court costs can be expensive - legal and court fees can be covered under a commercial general liability (CGL) insurance policy. Budgeting commercial general liability insurance into a small business plan is a smart way to avoid paying more money in case of an accident or injury.