{"id":452,"date":"2019-07-22T11:30:15","date_gmt":"2019-07-22T17:30:15","guid":{"rendered":"https:\/\/cowestdtc.com\/?p=452"},"modified":"2019-07-23T06:55:53","modified_gmt":"2019-07-23T12:55:53","slug":"what-is-cgl-your-guide-to-commercial-general-liability-insurance","status":"publish","type":"post","link":"https:\/\/cowestdtc.com\/what-is-cgl-your-guide-to-commercial-general-liability-insurance\/","title":{"rendered":"What Is CGL? Your Guide to Commercial General Liability Insurance"},"content":{"rendered":"\n

Small businesses, on average, will spend $20,000 a year<\/a> on lawsuits. This is for companies that earn about $1 million a year. Now imagine how much you would have to pay if you were a larger company.\u00a0<\/p>\n\n\n\n

With this in mind, you want to make sure you have commercial general liability (CGL) insurance. This can cover many of the lawsuits your company could face. <\/p>\n\n\n\n

You may be asking yourself, what is<\/em> CGL? In this article, we’ll explore what it is and what you need to know about it.<\/p>\n\n\n\n

What is CGL?<\/h2>\n\n\n\n

CGL is a type of insurance that offers different options<\/a> depending on your needs. You can opt to get all forms of coverage, but you may not need them all. <\/p>\n\n\n\n

There are three standard CGL insurance categories you can get coverage for:<\/p>\n\n\n\n

Bodily Injury and Property Damage  <\/h3>\n\n\n\n

Bodily injury refers to damage received by a third party. This is someone not associated with your company. For example, this could include your customers, visitors to your establishment, or bystanders. <\/p>\n\n\n\n

Property damage pertains to any damage your company causes to someone else’s property. This doesn’t apply to your own property.<\/p>\n\n\n\n

Personal and Advertising Injury <\/h3>\n\n\n\n

Personal and advertising injury applies to\u00a0intentional acts<\/a> against you or your company. For personal injury, this could mean slander, libel, or copyright infringement.\u00a0<\/p>\n\n\n\n

When it comes to advertising injury, this could be damage to your reputation. For example, disparaging information provided by your competitors that could hurt your credibility. <\/p>\n\n\n\n

Legal Fees<\/h3>\n\n\n\n

If you need to get a legal team together, this will have you covered. It’ll cover your defense costs and how much you need to pay your attorney. <\/p>\n\n\n\n

What Businesses Need CGL Insurance?<\/h2>\n\n\n\n

In some way or another, all businesses should have CGL insurance<\/a>. It doesn’t matter if you are large or small. What can vary is what you need coverage for.<\/p>\n\n\n\n

For example, if you don’t work offsite, you may not need property damage insurance. Alternately, if you’re a construction company, you will definitely want property damage insurance. <\/p>\n\n\n\n

The Cost of CGL Insurance<\/h2>\n\n\n\n

The cost of your insurance can vary<\/a> based on how much coverage you need. A general range of how much you will pay for a year’s worth of coverage is $500 – $2,000.<\/p>\n\n\n\n

Depending on how high of a risk your company is can determine how much you will pay each year. For example, if you’re a company that is likely to cause property damage (such as contractors).  <\/p>\n\n\n\n

On top of that, your credit score can play a role. If you have poor credit you could find yourself having to pay more for your insurance. <\/p>\n\n\n\n

Don’t Focus on One Type of Insurance<\/h2>\n\n\n\n

Be aware that CGl does not cover everything your company will need to remain safe from liability. Here are just a few other policies you may want to look into acquiring for your company:<\/p>\n\n\n\n