FGIB:Offering General Liability Insurance

Every business needs Commercial General Liability insurance. The risks are vast, and the likelihood of being sued has increased over the years. Fortunately, a comprehensive Liability insurance program can protect your organization from many of the costs of a liability claim. Financial Guaranty Insurance Brokers (FGIB) can provide you with the policies you need and help you determine the amount of coverage required to properly safeguard your assets.

Inside a Commercial General Liability Policy

A Commercial General Liability policy insures your business for an injury to someone or damage to your property resulting from accidents on your premises or from your products, your operations or advertising for your business. The policy expands broadly over many basic risks and will aid with your legal defense costs if those arise. It will pay settlements and damages up to the limit listed in your policy and can be enhanced with Excess Commercial Umbrella insurance.

Under a Commercial General Liability policy, the type of business insured determines who can be covered under the policy. For example, if you own a business as a sole proprietorship, you and your spouse may be covered under the policy. If you own a business that is a corporation, you and any other owners can be covered, as well as executive officers, directors, and stockholders. The parties insured, however, are covered only for liability claims and damages related to activities or services performed for the business, not for personal liability.

There are, however, things that a General Liability policy won’t cover, such as professional services; Errors and Omissions (E&O); Employment Practices Liability (EPL); Directors and Officers (D&O); and Cyber Liability. For each of these risks (and others), you will need to add coverage either by “endorsement” or through a separate liability policy designed to cover that specific risk.