You can protect your business from a variety of risks, including the risk of a lawsuit stemming from everyday business activities, by purchasing a commercial general liability policy. CGL policies cover claims for property damage, personal injury (such as slander or slander), bodily injury, and publicity injuries. This coverage will help you pay attorneys' fees or settlement costs in the event of a lawsuit, and you can extend it with extensions that cover errors and omissions, excessive liability, or liability for labor practices. Your CGL policy may offer coverage to compensate the other party, depending on the wording of the compensation agreement.
An occurrence policy is different, since it covers claims where the fact of the claim occurred during the life of the policy, even if the policy has already expired. So what exactly does your CGL policy cover and, more importantly, what isn't? First, here's a summary of the main coverages of a standard general liability insurance policy. However, if you purchased an extended reporting period with your insurer when your policy expires, your claim may be covered. Regardless of the products or services you sell, simply opening a business every day exposes you to a multitude of liability risks.
Some general liability commercial policies may have exclusions that restrict the actions that are covered. Contractual liability: CGL policies exclude coverage for bodily injury or property damage that you are required to pay because you have assumed liability in a contract or agreement. Nor do they cover damage caused by poisoning (in alcohol-related businesses), pollution, cars or other vehicles, damage to the operation of a business, or any additional liabilities that the insured person may assume. A typical commercial general insurance policy covers accidental damage or injury, but it doesn't cover injuries that are intentional or that can be expected to occur.
The policy may provide coverage for the repair or replacement of the vehicle, but you may not pay for the repair of the collapsed roof because the roof is your work. You can't predict what will happen in the future, but you can cover your business and reduce risk with a CGL policy. Your CGL policy won't cover the damages you have to pay for missing the deadline. You should carefully review your policy and any endorsements to know exactly what your policy covers (and doesn't) cover.
In order to issue coverage for excess lines in Texas, the insurer must meet certain requirements and be on the TDI eligibility list.
