American Eagle Insurance Blog
If you want to establish your own business that earns $1 million a year, expect to spend at least $20,000 per year in funding lawsuits. Preventing this financial setback is a must to survive, and one of the best ways to do it is through investing in commercial general liability. I will define this investment, give reasons as to why it is important, and what can it protect.
Defining Commercial General Liability (CGL)
CGL has three different categories that can help you protect the business. The first category is bodily injury, which involves your company receiving damage from customers, visitors, or bystanders. The second category involves intentional acts made against you or your company, such as slander, libel, or copyright infringement, which is known as personal and advertising injury. The final category has something to do with paying the necessary legal personnel to handle cases that involve the first two categories.
Reasons Why You and Your Business Needs CGL
If you are interested in investing in your own CGL insurance plan for your future company, get ready to set aside between $500 to $2,000 yearly for it. This amount varies on where and how much protection the plan has to cover. For example, if your company would involve sending your employees to work closely with your clients, you would need to invest in worker’s compensation and professional errors. In another scenario, you should also have a plain towards employees who file sexual harassment, discrimination, or wrongful termination towards other employees. Finally, you should also make sure to have protection just in case your physical office to your company vehicles can get damaged in the long run.
There are a lot of costs needed to start a company. One of the most important purchases is a commercial general liability (CGL). We learned that it is a need as you would have to protect your commercial property and employees while paying off the proper legal professionals to handle any of these issues. All in all, this yearly premium can reduce the risk your company will catch. Reducing these risks will help it grow into a stable company for your clients and for your employees at the same time.
At American Eagle Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (225) 667-7377. Get your free quote today by CLICKING HERE.