CGL insurance is one of the most popular and important types of liability insurance. But should every business owner have it? More specifically, should you buy CGL insurance as well?
This question is more prevalent in cases of small businesses. "My business is very small… Do I still need to buy CGL insurance?" The answer is yes. Yes, you should ideally buy commercial general liability insurance. In fact, small businesses should have this coverage as a priority since they are financially limited and a liability claim can put a big burden on them. They need the protection of insurance against legal liabilities to stay financially stable in case someone sues them. So, no matter the type of business you own, the industry you're in and the size of your business, CGL insurance is a must. What will vary, however, for your business, is its coverage requirements. Different businesses are exposed to different types of risks; they have their own risk exposures. This influences their coverage requirement. So, before actually buying the CGL insurance, it's important to determine the coverage requirement, which is based on risk exposures, as well as several other factors. Once you know what kind of coverage you need, time to find an insurance company that offers a fitting plan. At times, a standard CGL plan might not be sufficient for you. So, you may want to customize the existing plan per your distinct requirements. This whole process of first quantifying your needs and then finding a good insurance plan from a top carrier can be challenging and time-consuming. Many companies choose to work with insurance brokers here -- and you should follow suit. An insurance broker can guide you throughout the process, helping with risk assessment and evaluation and thereon finding you a good CGL plan. They can offer comparative quotations, allowing you to choose from different options that best fit your needs and budget. So, get in touch with a licensed insurance broker and seek their help in buying a commercial general liability insurance policy.
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