Report the incident to your insurance provider as soon as possible. This means contacting your agent or insurance company to let them know what happened. You will likely need to provide details about the incident, including the date and time, the location, and any witnesses present.
Everything You Need to Know About Commercial General Liability Insurance and Filing a Claim
With so many risks and uncertainties that come with being a business owner, it’s crucial to have a commercial general liability insurance policy to protect yourself, your business, and your assets from potential lawsuits. Whether you run a large corporation or a small business, you could be putting your business at risk of financial ruin without an adequate insurance policy. This article covers everything you need to know about commercial general liability insurance, including what it is, what it covers, and how to file a claim.
What Is Commercial General Liability Insurance?
Commercial general liability insurance, commonly referred to as CGL, is a type of insurance that provides coverage for third-party bodily injury and property damage. This insurance policy is designed to protect businesses from a wide range of potential liabilities, including but not limited to slip and fall accidents, property damage, and advertising injuries. In addition, a commercial general liability insurance policy can cover the cost of legal fees, settlements, and judgments associated with a covered claim.
Why Is Having a Commercial General Liability Insurance Policy Essential for Businesses?
Without proper business insurance coverage, a single lawsuit or claim can put your business at risk of financial ruin. A commercial general liability policy gives you the confidence and stability needed to operate your business without worrying about unforeseen events that can negatively impact your business. Let’s take a look at some of the critical benefits of having general liability coverage:
- Protects your business from financial loss: With a CGL policy, you can protect your business from financial loss due to a covered claim. It can help pay for legal fees, settlements, and judgments, preventing your business from experiencing significant economic damage.
- Enhances your business’s credibility: A commercial general liability insurance policy shows your clients that you take your business seriously and are committed to providing quality products or services.
- Provides peace of mind: Knowing that your business is protected in the event of a covered claim can give you peace of mind and allow you to focus on growing your business.
What Does a Commercial General Liability Insurance Policy Cover?
A commercial general liability plan can cover many potential risks, from accidents that cause bodily injury to incidental damages to someone’s property. But depending on the state where you operate your business, certain types of coverage may be more prevalent than others. For instance, if you’re looking for general liability insurance in Missouri, there are specific coverages to consider. Here are some of the most common types of commercial general liability insurance needed in Missouri:
Bodily Injury and Property Damage Liability
Let’s say you own a store, and a customer slips on a wet spot and falls, injuring themselves. Or maybe you’re a contractor and accidentally damage someone’s property while working on a project. In either case, this coverage would protect you from claims of bodily injury or property damage caused by your products, services, or operations.
Personal and Advertising Injury Liability
If you’ve ever heard of someone getting sued for defamation or copyright infringement, you know how important it is to have this coverage. Let’s say you run a marketing agency and accidentally use someone else’s copyrighted material in an ad campaign. This coverage would protect you from claims of defamation, libel, slander, invasion of privacy, and copyright infringement.
Products and Completed Operations Liability
Imagine you’re a manufacturer, and you sell a product that ends up being defective and causes harm to someone. Or maybe you’re a contractor, and a building you worked on begins to improperly settle after you’ve completed the project. In either case, this commercial general liability insurance protects you from claims of bodily injury or property damage after completing a task or selling a product.
Commercial general liability insurance pays for medical expenses incurred by a third party due to an accident on your business premises or caused by your products or services. For example, general liability insurance covers medical bills if a customer gets hurt in your store and needs medical attention.
Fire Legal Liability
Let’s say a fire starts in your building and spreads to a neighboring property, causing damage. This coverage would protect you from claims of property damage caused by a fire that began on your premises.
If you run a business that serves alcohol, you need this coverage. Imagine a patron at your bar overindulges and causes a car accident on the way home. Your commercial general liability insurance policy protects you against claims of bodily injury or property damage caused by intoxicated patrons.
Cyber liability coverage is more important than ever in today’s digital age. A commercial general liability insurance policy guards your business against losses resulting from data breaches, cyberattacks, and other online threats. For example, if a hacker steals sensitive customer information from your website, this coverage helps cover the costs of notifying affected customers, providing credit monitoring services, and more.
Commercial general liability insurance protects you from claims by customers, vendors, and non-employees. If you want to safeguard your business from financial losses due to injuries and illnesses that employees suffer while on the job, worker’s compensation coverage may be the right solution for you.
How Do I Make a Commercial General Insurance Claim?
While no one wants to be in a situation where they need to make an insurance claim, accidents, and unforeseen events can happen at any time. In an incident that may require a commercial general liability insurance claim, knowing how to go about it is important. Fortunately, making a claim on your commercial general liability policy is a straightforward, uncomplicated process when you work with an experienced, customer-first insurance provider.
Here are the general steps you can expect to follow to file a commercial general liability insurance claim in Missouri:
Provide documentation to support your claim. This can include photographs, police reports, witness statements, and other relevant information or evidence that can help support your claim.
Cooperate with the investigation. Your insurance provider may need to investigate the incident to determine the damage or injury’s cause and extent. Be prepared to answer any questions and provide additional information to help.
Review the settlement offer. Once the investigation is complete, your insurance provider will review your claim and determine the amount of compensation you are entitled to receive. You will receive a settlement offer, which you can accept or negotiate.
Receive your settlement. If you accept the offer, you will receive your compensation promptly. If you choose to negotiate the payment, you and your insurance provider work to reach a fair and satisfactory agreement with both parties.
Looking for General Liability Insurance in Missouri? NEC Insurance Has You Covered
Are you looking for a reliable and experienced insurance provider to protect your Missouri-based business? NEC Insurance has served the community for years, providing customized and affordable insurance solutions to meet each client’s unique needs. Our team of experts works with you to assess your risks and create a policy that offers the coverage you need to protect your business and assets. At NEC Insurance, we understand that every business is different, and we take pride in providing personalized service that meets your objectives and budget. Contact us today to discuss your commercial general liability insurance needs and get a quote that fits your business.
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