General Liability Insurance: Your Defense Against Liabilities
The only way to effectively protect the assets of your business is to carry adequate Commercial General Liability (CGL) Insurance coverage. CGL protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.
What Does CGL Cover?
A typical CGL policy provides coverage for claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises, or operations, and can be offered as a package policy with other coverages such as, Property, Crime, Automobile, etc. As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims. Here is more detail into what a typical CGL policy may cover:
- Automatic Additional Insured – Coverage is provided for written contracts, agreements and permits.
- Personal and Advertising Injury – Protects against offenses made by you or your staff during the course of business, such as libel, slander, disparagement or copyright infringement in advertisements.
- Defense Costs – Provides coverage for legal expenses for liability claims brought against your business, regardless of who is at fault.
- Medical Expenses – Provides coverage for medical expenses if someone is injured on your premises or by your products.
- Premises and Operations Liability – Provides coverage for bodily injury and property damage sustained by others on your premises or in conjunction with your business operations.
- Products Liability – Provides coverage for bodily injury and property damage sustained by others as a result of your products.
How Much Coverage Does Your Business Need?
The amount of coverage that your business needs depends on three factors: perceived risk, where you operate your business and the type of products you manufacture.
- Perceived Risk – Consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery, you would generally need more coverage as compared to another organization that manufactures stuffed animals.
- Premises and Operations Liability – If you operate in a state that has a reputation for rewarding high damages, then you may wish to purchase higher limits of liability.
- Type of Product Manufactured – If you manufacture a dangerous product, you may want to carry higher limits of liability.
Remember, you can purchase an Umbrella Liability policy to help achieve the desired limit of liability.
Other Ways to Protect Your Business, In Addition to CGL
- Establish a high standard for product quality control at your organization.
- Keep all company records up to date and accurate.
- Train your employees thoroughly and properly.
- Ask Thams Agency for safety and compliance information.
Thams Agency understands that your business needs to be protected, and we are here to help! Put the Team at Thams Agency to work for you. Contact us today at 712-263-3193 to learn more about our risk management and insurance solutions.
You can always find more information at Trusted Choice.
Our clients say it best….
After switching to Thams, I feel like I am getting as good, maybe even slightly better property insurance coverage for a whole lot less money. As long as the premium does not take any significant jumps in the next few years then I believe this was a great switch to Thams. Very friendly staff. I feel like I should have gone to see them many years ago.
Brian E.Customer since 2014
We feel that we have professionals serving our every need at the Thams Agency whether it be house, auto, or health. One stop takes care of all of our insurance needs, and we know it’s done right. P.S. Your offices are lovely. Good move on your part to remodel and maintain the historical attributes of the building while still making it modern.
You served my folks well and I have found no reason to switch elsewhere. Your company seems rooted in Denison and an asset to the community, which is always an important part of being in business in any community.
Virginia Dobler McCurdyCustomer since 2011
Thams Agency has an honest, and straight forward approach to dealing with customers. They work hard to find the best insurance coverages and prices for the customer, while giving guidance and reasoning for customers to make the most informed decision possible.
The agents at Thams make you feel like you are part of a family. They are extremely personable and the level of communication exceeds any company I have had experience with.
Client since 2004
They have helped reduce my payments with discounts like homeowner, safe driving, multi car, etc. Their rates are better then the old insurance company I had, they just kept raising rates although I had never had an accident (and they didn’t have discounts either). When I first came in to to talk to Todd and ask about their rates, they were 50 % lower then what I was paying. Now they are even lower due to discounts.