Commercial Liability Insurance: An Overview of What Business Owners Need to Know About CGL

Almost every business, regardless of size or industry, requires commercial property and general liability insurance. Of course, the cost of commercial liability insurance varies widely based on industry, with “high-risk” industries, such as construction, paying more. Fortunately, there are some great sites that offer free quotes. For small businesses, CGL insurance can cost well under $100 a month, while larger businesses can pay hundreds or even thousands.

This makes sense since larger companies tend to have more employees, customers they serve, and larger buildings they occupy. The more people and property involved, the greater the risk of someone getting hurt. You may also be expected to pay for workers’ compensation, depending on where you live and what kind of industry you’re involved in. Location also plays a role. If your place of business is in a neighborhood with a high crime rate, you will likely be expected to pay more for insurance than a similar business in a small town or country with a low crime rate.

You have a better chance of getting a low professional liability insurance quote if you have experience and if your business has been around for at least a few years. This is because the longer a company has been involved in the industry, the more financially stable they are likely to be. It will also look impressive if your company has not had any claims made against it.

Excess and premiums in professional liability insurance

Like literally every other type of insurance out there, deductibles and premiums will play a role. Lower deductibles usually mean lower premiums, and higher deductibles mean lower premiums. If you are willing to raise your deductibles, the price of CGL insurance will be reduced each month.

Another factor that can play a role in the offers you get is gross sales. Naturally, the more income you have, the higher your premium will be.

There are several options if you want protection for yourself. CGL insurance usually does not cover damages to the owner. Depending on your industry, you may have inventory you want to protect. Inventory is usually valued at the price the business owner paid for it, even if you plan to sell it at a higher price. If you are involved in the financial sector, you may want to consider coverage for errors and omissions.

Get commercial general liability insurance and any other type of coverage tailored specifically to your needs at Hiscox Insurance Company. You can get a quick and free quote in minutes. Hiscox Insurance offers the best customer support.

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