People will sue you over just about anything. All businesses are vulnerable to lawsuits and damages. Companion Property & Casualty offers Commercial General Liability (CGL) coverage to help protect you should someone take you to court.
Our CGL policy covers bodily injury, property damage and personal injury that arise from your premises, operations, completed operations or products that you become legally obligated to pay. There are several options. Usually, the coverage is for an “occurrence” basis.
You can customize your CGL with one or more of the many endorsements that are available. These endorsements can increase, reduce or add various coverages to the basic policy. For example, you can get an endorsement to add another entity as an insured under a specific policy.
As with other types of insurance, the cost of a CGL policy depends on the hazards that are unique to your business, and your payroll, gross sales and claims history. It's also important to note that many CGL policies are subject to an exposure audit at the end of the policy term. In other words, we would rate and issue the policy with estimated payroll and sales figures. At the end of the policy period, you will need to submit your actual figures. We will then re-rate the policy and adjust the premium if necessary. So, you could receive a bill for additional premium, or you could even get a partial refund.
No business wants to get sued. It's important, however, to be prepared just in case. Want to learn more? Contact your Companion P&C agent for details.