Every business always stands at the point of risk and thus to purchase insurance for their business has large significance. The company, whether large or operating in small level, always carries huge risk with it. The commercial general liability insurance policy protects the insured person against any damage whomsoever is at fault. One must understand the different coverage provided by the insurance provider company. They are of three types – liability coverage, property and employers’ liability coverage. Liability will not cover damage to the business or property. Further commercial general liability insurance even protects the company against any injury to third party person. In general, it covers for mainly four basic types of liabilities. They are-
- Damage to property
- Body or physical injury
- Injury related to advertising
- Personal injury
The property may suffer damage due to any fire or burglary. Thus at this time this options of business insurance cover will compensate for all the loss. If any worker happens to meet with an accident during working hours whether onsite or offsite, insurance provider will carry all medical expenses. It will also cover slips and trips of the customers in the business premise. Another case is related to the copyright infringement that means illegal use of the rights of owner of the copyrighted material. The claims put under this such as slander are very rare but if they occur the fees charged would be very much high. The last and final is personal injury which may be due to the false claims put on the company that will otherwise suffer huge money.
One can purchase for business insurance policy as a component of business owners policy (BOP). The policy covers both the property and liability insurance. The company can keep the coverage as an alternative if the coverage provided is enough as per requirements of the business. To know about the extent of coverage required by the organization, the business should first look for the professional industry. Commercial organizations often have great reach to evaluate a company’s exposure to claims. They also determine very well the value of the business assets. It is determined to find out the risk associated with business for which one opts to buy insurance. If the business is highly risky then it would require buying large amount of coverage for the business.
Two most desired qualities to be looked upon during purchasing insurance must be – Buying insurance form a reliable company and also to get commercial insurance quotes at cheap rate. Buying cheap is not brilliance but spending too much money on insurance is not intelligence even. Over all the commercial liability is for the business not for the directors and top professional of the company. While purchasing one make sure to talk to get it from the licensee and well qualified agent. The agent then would classify the needs of the insurance seeker very well. The policy is integral in every condition for every business. It provides much support in the cases of leases taken or contractual relationships.
