{"id":295,"date":"2019-09-09T16:22:47","date_gmt":"2019-09-09T16:22:47","guid":{"rendered":"https:\/\/affordable-website-hosting-for-you.com\/mariemont\/?page_id=295"},"modified":"2024-02-09T17:43:59","modified_gmt":"2024-02-09T17:43:59","slug":"commercial-liability","status":"publish","type":"page","link":"https:\/\/affordable-website-hosting-for-you.com\/mariemont\/commercial-liability\/","title":{"rendered":"Commercial Liability Insurance"},"content":{"rendered":"\n

General liability or commercial liability covers a broad range of general liability exposures of a business. <\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Commercial general liability (CGL)\nis a type of insurance<\/a>\npolicy that provides coverage to a business for bodily injury, personal injury,\nand property damage caused by the business\u2019 operations, products, or injury\nthat occurs on the business\u2019 premises. Commercial general liability<\/a> is considered comprehensive business insurance, though it\ndoes not cover all risks a business may face.<\/p>\n\n\n\n

Additional policies to cover certain\nliabilities, such as sexual harassment and discrimination\u2014covered under\nemployment practices liability, may be needed in addition to GCL\npolicies. <\/p>\n\n\n\n

Understanding\nCommercial General Liability (CGL) <\/strong><\/p>\n\n\n\n

Commercial general liability\npolicies have different levels of coverage. A policy may include premises\ncoverage, which protects the business from claims that occur at the business\u2019\nphysical location during regular business operations. It may also include\ncoverage for bodily injury and property damage that is the result of finished\nproducts. Excess liability coverage can be purchased in order to cover claims\nthat exceed the limit of the CGL policy. Some commercial general liability\npolicies may have exclusions to what actions are covered. For example, a policy\nmay not cover the costs associated with a product recall.<\/p>\n\n\n\n

When purchasing commercial general\nliability insurance, it is important for the business to differentiate between\na claims-made policy<\/a> and an occurrence policy<\/a>. A claims-made policy provides coverage over a specific\ntime period and covers claims made during that time period, even if the claim\nevent occurred at a different time. An occurrence policy is different in that\nit covers claims provided that the claim event occurred during a specified time\nperiod and does not cover claims stemming from claim events that occurred\nbefore the policy came into effect.<\/p>\n\n\n\n

In addition to commercial general\nliability policies, businesses may also purchase policies that provide coverage\nfor other business risks. For example, the business may purchase employment\npractices liability coverage to protect itself from claims associated with\nsexual harassment, wrongful termination, and discrimination. It may also\npurchase insurance to cover errors and omissions made in financial reporting\nstatements, as well as coverage for damages, resulting from the actions of its\ndirectors and officers.<\/p>\n\n\n\n

Employment Practices Liability\nInsurance (EPLI)<\/strong><\/p>\n\n\n\n

Employment Practices Liability Insurance for employers\ncovers employment-related liabilities other than on-the-job injuries. This may\ninclude legal fees and damages for suits such as wrongful termination,\ndiscrimination, sexual harassment, and other alleged violations of employees\u2019\nlegal rights. <\/p>\n\n\n\n

Directors and Officers Insurance\n(D&O)<\/strong><\/p>\n\n\n\n

D&O insurance covers directors and officers of a company\nfor negligent acts or omissions and for misleading statements that result in\nlawsuits against the company. There are various types of D&O coverage such\nas corporate reimbursement coverage, personal liability, and entity coverage.\nD&O policies may be broadened to include coverage for employment practices\nliability as well.<\/p>\n\n\n\n

Professional Liability Insurance\n(Errors & Omissions) <\/strong><\/p>\n\n\n\n

Professional liability insurance AKA Errors & Omissions\n(E&O) covers professionals for negligence and errors or omissions that\ninjure their clients or cause damage to a third party\u2019s data. This type of\ninsurance is essential for licensed professionals such as accountants,\nattorneys, insurance agents, architects, engineers and technology companies. It\nis recommended that all professional and technology companies carry E&O\ncoverage.<\/p>\n\n\n\n

\n\n