Commercial General Liability Insurance
New Jersey Commercial General Liability Insurance
If you are a business owner or manager, one of the basic and most important insurance coverage your New Jersey business should have is the commercial general liability insurance. Usually abbreviated to CGL, this type of coverage protects your business against a myriad of claims. Examples include damage to property by employees, injuries suffered by workers, and death arising from harmful practices in your business. Therefore, it is advisable to have Commercial General Liability coverage all the time as injuries and damages may happen at any time, prompting an immediate lawsuit.
What is General Liability Insurance ?
Business Liability Insurance is a type of insurance that covers the cost of your legal process when your business faces lawsuits for damages inflicted on property or injuries suffered by workers. After purchasing the insurance policy, you can rest assured that you will be ably represented in a lawsuit should there be one.
There are two ways of obtaining the cover. You can either buy a CGL with property insurance in a combined Business Owner’s Policy (BOP) or buy it as a standalone cover. Whatever your preferred option, the insurance usually covers the following costs:
- 1Damage to property
- 2Bodily injury
- 3Personal injury
- 4Medical expenses
- 5Reimbursements
- 6Casualty coverage
- 7Fire legal liability
- 8Premises liability
- 9Attorney’s fees
- 10Completed products and operations
Do I Need Commercial General Liability Insurance in New Jersey
Since third party claims may negatively affect your business, it is prudent for any business to have a cover all the time. Therefore, purchasing general liability coverage is an integral step towards attaining your peace of mind.
Otherwise, a simple case of property damage or bodily injury can cost you several hundred thousand dollars to compensate. This policy is usually important during instances where you and your employees do the following:
- Speak about or write on issues affecting a client’s business
- Go to a client’s workplace or home for business purposes
- When clients visit your premises for business
- Use a client’s equipment, materials, home, or other property
- Should have a general liability cover to be part of a legal contract
- Use other parties’ locations for running the business
Request a Free GL Insurance Quote
Any time that an accident happens at your business, you and your employees are at risk. It is impossible to eliminate these suits no matter how carefully you treat your business, employees and customers. With no liability cover, you may have to face costly lawsuits one after another.
Whether your business is small or big, you need to get this protection. The cost of buying coverage is not high. The average premium for this insurance ranges from $750 to $2,000 annually depending on the types and needs of your enterprise. Evidently, this figure is far less than the actual losses your business would have to incur in terms of damages, settlements, and lawsuit costs.
Therefore, ensure your valued investment has protection now and in the future. You may request a free quote for general liability insurance from D’Agostino Agency Insurance . Get the right coverage for your business today at an affordable price.
