Commercial insurance brokers are frequently asked such such questions as: “what is commercial general liability insurance?” Before we get into the specific features of this type of policy, it is first helpful to know that this type of coverage is also referred to as business liability, business general liability, general liability, and even simply liability insurance. In addition, it is often abbreviated as CGLI. Though technically some of these terms are quite general and can even apply to such insurance sectors as auto insurance, it is helpful to realize that many will use these terms are used interchangeably.

A quick general liability insurance overview may be useful to further clarify some of these terms.
General liability insurance most typically refers to coverage that protects the insured from damages due to activities that result in personal injury, bodily injury, property damage, and damages due to slander or false advertising (sometimes referred to as advertising injury). The insurance company is responsible to cover the legal costs to defend the claim as well as any compensatory or general damages. Specifically not covered are damages resulting from intentional acts. Automobile liability, employers’ liability, and professional liability insurance are not typically referred to as general liability insurance. Though many will define general liability insurance in much more specific detail, most will include these same fundamental features.

Business or commercial insurance is a broader term that includes general liability insurance as well as other types of coverage that are typically required to fully protect yourself from potential claims resulting from business activities.

Types of Business Liability Insurance

• General Liability Insurance: This form of business liability insurance is the main coverage to protect your business from: injury claims, property damages, and advertising claims. In certain businesses general liability (AKA commercial liability insurance) may be the only type of liability insurance that is necessary to protect your business.

 

• Professional Liability Insurance: This type of coverage is generally needed when a business offers a service. Examples of this are professions such as engineers, attorneys, doctors and real estate agents. This protects your business from damages resulting from negligence, errors, malpractice and omissions. Other names for professional liability insurance are errors and omissions insurance (E&O). Oftentimes the label will depend on the industry. For example it is referred to most frequently as mal-practice insurance in the medical professions, professional liability insurance in the accounting and financial consulting fields, and and errors and omissions insurance in the engineering and technology sectors.

 

• Product Liability Insurance: Businesses that manufacture products need to be protected from injuries that resulting from individuals who are injured using their product. Rates for this type of insurance are highly variable and depend on the nature of the product involved.

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Many online brokers are actually independent insurance brokers, which enables them to shop your insurance needs to a number of competing business insurance providers.  And because they probably suspect you will be obtaining a commercial insurance quote from a number of insurance brokers, they are geared towards offering you the most competitive proposal possible.

General liability insurance is the most common type of insurance requested by business owners.  Sometimes referred to as public liability insurance or alternatively, business liability insurance; this coverage protects the policy holder from an assortment of exposures such as accidents that occur on the business property and those which occur off premises if performing business related activities.  This would cover such claims as an accident resulting in bodily injury or damages to property.

What liability insurance does not cover are intentional acts or criminal acts such as intentional acts of false advertising or other criminal acts resulting in damages to third parties.

In addition to the basic general liability policy many small businesses require other types of coverage.  These might include errors and omission (professional liability), product liability and commercial property insurance.  Brokers that handle general liability insurance should also be knowledgeable in these other types of insurance.

The annual premium amount will vary depending on the type of business activity you are conducting, your gross receipts, number of employees, size of your business premises, location of your business and a number of other factors. For most common businesses, obtaining an online business insurance quote should not take more than a few hours.  Experienced commercial insurance brokers will know the most economical and suitable insurance providers to contact you after obtaining preliminary information about your business.

Often clients are in need of a certificate of insurance in do business with a particular vendor or client, or a landlord requires one before a commercial space can be occupied.  In most cases, an experienced business insurance broker can provide a certificate of insurance the same day the quote is received.

Look for a broker with experience in your industry and preferably one that is a seasoned insurance professional.  A good agent can be a trusted advisor to your business by advising you on such insurance issues such as coverage limits, deductibles as well as provide advice on all risk management decisions.

If you are ready to purchase business insurance for the first time, or if your current policy is up for renewal and are interested in saving on your insurance expense, you may want to consider shopping for your business insurance online.  You might start by contacting a couple of the commercial insurance brokers listed at the top of this page.  A few minutes of your time could prove to be quite productive.