When shopping for commercial insurance in Polk County and Southwest Florida, companies will have a range of coverage options and deductibles, which are the basis of premiums. Adjusting the amount of coverage with the deductible allows a business to obtain the insurance it needs for its business at a price it can afford.
What is Commercial General Liability (CGL) Coverage?
Commercial General Liability (CGL) insurance protects your business from a variety of claims that could arise during the course of normal operations. It covers your legal liability for common risks, including:
Bodily Injury
This protects your business if a third party (like a customer, client, or visitor) is physically injured on your business property or due to your business operations. For example, if a client slips and falls on a wet floor in your office, CGL would cover their medical expenses and legal fees if they sue.
Property Damage
This coverage pays for damage your business or employees cause to someone else’s property. For instance, if a landscaper’s employee accidentally damages a client’s sprinkler system while mowing a lawn, CGL would cover the cost of repairs.
Personal and Advertising Injury
This lesser-known but vital coverage protects you from claims of libel, slander, or copyright infringement in your business’s advertising or communication.
While the core of a CGL policy is standard, your agent can customize it to fit the unique risks of operating in Florida. Depending on your industry and location, you might consider endorsements for specific exposures, such as damage to rented premises coverage or liquor liability if you serve alcohol. The amount of coverage, or policy limits, can also be tailored to your business’s size and risk profile.
Businesses That Need General Liability Insurance
Virtually every business, regardless of its size or industry, needs general liability insurance. The need is particularly acute for companies with a high degree of interaction with the public or with clients’ property. Examples of businesses that need CGL insurance include:
Excavation and land grading contractors
Their work can easily lead to accidental property damage on a work site.
Engineers
While they need professional liability for their advice, their CGL protects them if a client is injured during a site visit to a commercial building under construction.
Roofing contractors
This is a high-risk profession where the potential for bodily injury to a third party or damage to a client’s home is significant.
Other professionals who need CGL protection include:
- Architects
- Electricians
- General Contractors
- Landscapers
- Locksmiths
- Plumbers
Factors to Consider When Choosing General Liability
When selecting a CGL policy, several factors could affect the annual premium:
Policy Limits
The amount of coverage should be commensurate with your business’s size and the level of risk in your industry. A small, home-based business may need a $1 million limit, while a large contractor with a fleet of company vehicles might require a $5 million or higher policy limit.
Contractual Requirements
Many clients and business partners will require you to carry a certain amount of general liability coverage as part of your contract. Ensuring your policy meets these requirements is crucial for securing and retaining business. It also demonstrates a higher level of professionalism and the financial ability to satisfy claims if an unforeseen circumstance causes harm to a client or employee.
Deductibles
While many CGL policies for bodily injury have a zero deductible, a deductible is often applied to property damage claims. Choosing a higher deductible can lower your premiums, but it increases the amount out-of-pocket for each claim.
General Liability Coverage for Commercial Businesses in Southwest Florida
Commercial Insurance Specialists is a Trusted Choice independent agency, which reflects our commitment to providing exceptional service and a broad range of insurance options for your business. We have the flexibility to explore and compare policies from various top-rated insurers, ensuring you receive the general liability coverage that fits your budget. We serve clients across multiple industries, including excavation and land grading, engineers, and roofing contractors in Tampa, Apollo Beach, Riverview, Dade City, and surrounding Gulf Coast and Central Florida communities.
Just give us a call, and we will shop around to find the best rates and coverage options for your business from top-rated insurers. Contact us today for a free, no-obligation commercial property insurance quote!
