Commercial General Liability insurance, commonly referred to as CGL or GL, covers commercial insureds (business owners) from losses sustained by third parties. Based on the type of business you are in, your coverage can cover you for everything from a slip and fall claim to a negligence claim. It’s important, especially in this day and age, for all businesses to carry some sort of liability insurance coverage. It’s probably a requirement for most businesses anyways, either by your lien holder, city, state, county or bank.
The premium for CGL is calculated on a few different factors, but primarily based on the type of business you are in, your expected annual revenues for the upcoming 12 months and sometimes, the amount of your annual payroll.
The most commonly purchased coverage is “$1 million/$2 million.” This means that you have coverage for up to $1M on any one claim and you have an aggregate coverage of $2M for all claims in any one policy period, usually 1 year. So you can have 2 $1M claims, 4 $500k claims, etc. and still be covered under the policy.
Insurance companies offer much lower coverages, such as $100,000, $300,000, $500,000, etc., but it’s usually not worth it to purchase them. For only a few bucks more per year, you can have a $1,000,000 policy. Of course, coverage can also go much higher than this as well.
If you are in search of a commercial general liability insurance policy, your best bet is to work with an independent insurance agency. Independent insurance agents represent several different companies and can shop your coverage request internally to get you the best deal. No matter how simple or complicated your business is, independent agents are more flexible and can find coverage for all.
Boardwalk Insurance Group is an independent agency licensed to work with clients (individuals and businesses) in 26 states. In terms of commercial general liability insurance, they service the following areas:
- Air Conditioning Installation, Service & Repair
- Appliance & Accessories Installation – Commercial & Household
- Asphalt Works
- Carpentry – Interior work
- Carpentry – Construction of Residential Property
- Carpet or Upholstery Cleaning
- Chimney Cleaning
- Concrete Construction
- Conduit Construction for Cables/Wires
- Debris Removal
- Driveway, Parking Area, or Sidewalk Paving or Repaving
- Drywall or Wallboard Installation
- Electrical Work – Within Buildings
- Fence Erection Contractors
- Floor Covering Installation
- Furniture/Fixtures Installation
- Glass Dealers and Glaziers (NO window installation)
- Heating or Combined HVAC Systems or Equip – Install, Service
- Insulation Work – Plastic or Mechanical Work
- Interior Decorators
- Landscape Gardening
- Masonry Contractors
- Metal Erection – Decorative/Artistic, and Nonstructural
- Painting – Interior & Exterior
- Plastering or Stucco Work
- Plumbing – Commercial, Industrial, and Residential
- Septic Work
- Sheet Metal Work
- Siding Installation
- Sign Erection, Installation, or Repair
- Solar Energy Contractors
- Swimming Pool Servicing, Installation, or Repair
- Television or Radio Receiving Set Installation or Repair
- Tile/Stone Work – Interior Construction
- Upholstering – Shop Only
- Window Cleaning
- Various Commercial and Residential Contractors
- And much, much more.