Benefits of Commercial General Liability Insurance

Updated:
January 7, 2021

Even in the most well-run business, incidents happen. Whether these incidents result in property damage, bodily injury, or both, they can be costly for businesses to deal with. As such, your business needs to be covered for a variety of possible risks.

A commercial general liability (CGL) policy protects your business from financial loss should you be liable for property damage, bodily injury, or personal and advertising injury caused by your services, business operations, or your employees. Simply put, a CGL policy casts a wide net of protection for you and your business by covering various liabilities such as:

Third-party bodily injury protection

Something as simple as a guest or a client visiting your business and slipping on a wet floor can result in serious financial damages. CGL policies provide coverage for bodily injuries suffered by third parties on your premises or in relation to business operations.

Third-party property damage coverage

A CGL policy will also protect your company if you are found liable for damage to someone else's property. CGL policies typically cover damage to tangible property as well as damages for the loss of use of tangible property.

Protection against personal and advertising injury liability

Not all damage is physical. A CGL policy will also give you ample coverage for offences made by employees of your company such as copyright infringement, slander, libel, or malicious prosecution.

Coverage for medical expenses

CGL policies will protect your company if a non-employee is injured on your premises or in an incident related to your operations. Coverage for medical payments can be triggered without legal action and allows for smaller medical claims to be settled quickly and without litigation.

A sturdy defence

Going to court or having a claim filed against you can have company-changing costs. CGL coverage includes protection for legal expenses if your business has a liability claim brought against it.

Want to Learn More About Commercial General Liability Insurance?

Running a business comes with plenty of risks, so it's important to make sure that you're protecting yourself with the appropriate coverage. Contact us today for more information on how a CGL policy can protect your bottom line.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.