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January 28, 2021 | By Julian Miana |
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How to get the most out of your Commercial General Liability Coverage

What is Commercial General Liability? 

What happens when someone is shopping at the supermarket and a display of soda cans collapses on them?.  

In a case like this, commercial general liability provides coverage to the grocery store for bodily injury, personal injury, and property damage. 

1. Does commercial general liability cover everything surrounding my business?

Although it is considered “comprehensive,” not all risks are covered. This insurance helps protect your business from claims of bodily injury, property damage, advertising mistakes, copyright infringement and reputational harm.

2.Is it required?

No. It’s not a legal requirement it’s essential for business especially if you are just starting and an unfortunate lawsuit could put you out of business. You’re not legally required to purchase commercial liability insurance. However, you will have to purchase insurance when it is otherwise legally required or could be needed for a certificate of insurance. 

“Did you know? A company could need to name other companies or persons as “additional insured” under their commercial liability insurance policy. This usually happens when a contract is established. “

3. How is commercial liability calculated?

Rating figures are calculated by multiplying the revenue of your company by the average loss rate of similar companies. 

4. What is not covered by general liability insurance?  
 

  • Employee injury or illness 
  • Damage to your own business property 
  • Errors in professional services 
  • Claims that cost more than your policy limit  

5. If my business is managed from my home, does home insurance cover me? 

The short answer is no. Home insurance will only cover minimum liability. Instead, home-based business insurance can be added as an extension of home insurance.

Commercial Liability

Keep in mind 

It is important that you assess your liability coverage at least once a year. In the event of a lawsuit or having to pay for damages, you want to know that you are fully covered.

Next step: Insurance Management Software 

TerraClaim can help you manage commercial general liability. Not only can it help you stay on top of your coverage to assess risk correctly, but TerraClaim’s manager module also lets you create a budget to prepare to for potential payments.  

Schedule a demo or get in touch with an expert to learn more about the TerraClaim management system! 

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