You have a business that provides a service and/or products and are told that you need to have General Liability Insurance (GL) Here, we will break down the individual coverages within a typical GL policy and why they are important.
You will see the GL coverages listed as per occurrence and general aggregate. For example, $1,000,000/$2,000,000 means your general liability limit is $1,000,000 per occurrence and $2,000,000 total coverage for the policy period. The protects you against medical & legal costs if a third party is inured on your property or as a result of your business operations.
Medical payments help with medical or funeral expenses for non-employees if your business is at fault for an accident.
Personal and Advertising Injury provides protection against claims of libel, slander, copyright infringement and false advertising. It covers legal costs and damages awarded to the injured party
Products Completed protects against potential liabilities arising from products sold or completed services.
All of the above are typical in a Commercial General Liability Policy and it is important to remember these do not cover property, employee related injuries or professional liability
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