Hear what you need to know about general commercial liability insurance coverage Houston, TX from Texas Insurance Agency today. Most businesses need some General Commercial Liability (CGL) coverage to protect their finances. We can help you assess your business assets and risks to determine an appropriate amount of coverage for your business. Call us today to schedule a meeting or get a free quote for CGL coverage.
What is CGL Insurance?
General Commercial Liability Insurance coverage, which is also called General Liability Insurance or Commercial General Liability (CGL) Insurance, protects companies against claims of harm to people or damage to property caused by their goods, services, or operations.
If someone sues a business, this kind of coverage might also pay for their hospital bills, legal fees, and judgments or settlements from those lawsuits. Some policies may also cover damage to the business’s image, problems with advertising, or damage to the space it rents. This plan can become a saving grace for businesses that often find themselves in the limelight or work in high-risk fields.
But CGL coverage usually doesn’t cover injuries to employees, mistakes made by professionals, car accidents, punitive losses (in most states), or acts that were done on purpose. It’s possible that these places need different kinds of business insurance. Depending on your business, field, and needs, you’ll need different types of business insurance to provide your business and workers with more comprehensive coverage.
Coverage limits, exclusions, and deductibles are very different from one insurance company to the next, so it’s important for businesses that buy CGL plans to read the policy terms very carefully. Texas Insurance Agency can help you figure out the best rates and plans for your business. Call us to learn more about your options today.
General Commercial Liability Insurance Coverage Houston, TX
Who needs general commercial liability insurance coverage?
General commercial liability insurance coverage is something that almost every business owner should think about getting. Even if you don’t get most other types of coverage, this is the plan that you want to get out of all of them. This type of insurance is the basics of the basics. It might be important for:
- People who own small businesses and might not have the money to pay for cases or damage claims.
- Freelancers and workers could be held responsible for the damage they cause while doing work for others.
- Clients who come to a business and get something done run the risk of getting hurt.
- Businesses that make things, in case a broken item hurts customers.
- Companies that do business at places other than their own.
- Any company that advertises could be sued for copyright violations.
Basically, any company that deals with customers who offer a service or makes something that people can buy should really think about getting this insurance. If you think about it, it’s basically every business because which business doesn’t have some sort of interaction with their customers? Protect your business’s bottom line with the right CGL plan today.
What does CGL insurance not cover?
CGL can be the basic foundation of your insurance profile. Because it’s the base, it won’t cover anything specific. So, depending on your field or industry, you may need certain types of insurance that will cover what your general commercial liability insurance coverage doesn’t cover. CGL doesn’t cover:
- Professional mistakes or errors
- Workers’ comp
- Discrimination lawsuits
- Intentional crime or acts
- Cybercrime and events
- Auto-related events
The Back-Up Plan for the Back-Up Plan: Umbrella Insurance
Business Umbrella Insurance is a type of insurance that covers more than what is normally covered by a business liability policy. It’s meant to add an extra layer of defense by paying for costs that are higher than the highest limit of the original policy.
Here’s how it works: When a business has a claim that is too big for their standard policy to cover, the Umbrella policy will step in and pay the rest up to the limit of the Umbrella plan. One example is if a company is sued for $2 million but only has $1 million in its CGL insurance. The extra $1 million would be covered by the Umbrella Insurance with a $2 million maximum.
It can usually cover a number of different types of liability insurance, like CGL, Employer’s, and Commercial Auto. It’s a good way for businesses to protect themselves from claims or cases that could cost them a lot of money. Of course, an umbrella plan doesn’t replace your CGL plan. Instead, as per the example, it’ll only kick in when your standard plan’s limits are maxed out and exceeded.
Who Needs Umbrella Insurance?
This type of additional coverage is a vital piece of financial defense for businesses that:
- Face high risks.
- Have a lot of assets.
- Do business on their land or someone else’s.
- Drive company cars or use heavy machinery.
- Are well-known in the public eye or have a lot of interactions with customers.
Additionally, keep in mind that umbrella insurance is not a separate policy but rather extra coverage that makes you safer. It’s important to talk to an insurance agent about the needs and amount of risk of your business. Our team can help you get what you need before you realize you need it.
Get More Than Basic Insurance Now
The basics will only provide you with the bare essentials in a crisis. You’ll want more than just the basics in case something happens to your business. A fire or a lawsuit can very well leave your business in financial ruin. Our team can help you protect your bottom line in those cases.
Call our office to learn more about how you can get insurance for your business. Our Houston office is always ready to answer your questions. Come in today to learn more about the general commercial liability insurance coverage you’ll need to start out with.
Houston, Texas Fun Facts:
- Houston is also known as Space City.
- That’s because it’s home to NASA Mission Control and the Johnson Space Center.
- The first word spoken on the Moon was “Houston.”