Commercial

What is Commercial General Liability, and Why Does Your Business Need it?

Commercial general liability insurance(CGLI) is a type of insurance policy that offers or provides coverage to a business and protects it from possible financial loss that can be incurred via property damage or bodily and personal injury sustained as a result of the business, its operation, services, or employees. A business is an unpredictable venture, and as such, you must put measures in place to avoid unforeseen circumstances, especially ones that can incur a loss.

Examples of Situations that Make CGLI Necessary

● A customer is slipping and breaking their leg due to the slippery floor on your premises.

● An employee doing some damage in a customer's house in an attempt to render some services.

Understanding CLI and situations that may cause your business to pay for unplanned costs is important in managing unpredictability.

Why Your Business Needs a CGLI?

1. Running a business is unpredictable

If you are a business owner, you know firsthand how unpredictable it is to run a business. No matter how tightly you try to control every aspect of your business, some things are simply out of your reach. In lieu of this, it is important to have measures like a CGLI that can handle such unpredictability.

2. To keep your business financially safe

A small, unpredictable accident can easily deplete the financial levels of a business, especially a small one.

For instance, if you own an electrical installation company and one of your employees tampers with a customer's electric home system during the course of rendering a service and causes all the appliances in the house to get burnt or spoilt if the client sues your business, it will definitely affect its finances. However, a CGLI has provisions in place to protect your business in cases like this financially.

3. To protect yourself and your employees

Apart from protecting your business; finances, a CGLI is also a measure of protecting yourself and your employees from legal suits in case of any unpredictable event.

4. Prerequisite for some business activities or contracts

Some contracts and the majority of business registration will require your business to have commercial liability insurance.

Get The Right CGLI for Your Business as SJ Insurance Services

According to AdvisorSmith, 76.2% of small businesses reported experiencing an event that could have led to an insurance claim. The above statistics show that getting a CGIL for your business isn't something to gamble or toy with.

At SJ Insurance Services  we are experts in CGIL who can help you with CGIL policies that will help protect you, your employees, and your business.

Please send a message or reach out to us here to get started.

310-220-1019 sam@sjinsuranceservices.com