Understanding Business General Liability Insurance Form

The individual policy for a business must be examined to be certain of what is or is not covered.

Understanding business general liability insurance form. Some insurers have developed their own policy forms but most subscribe to the standard iso insurance service office form. Certificate of liability insurance which is provided for informational purposes to let a third party know the type and amount of insurance issued to the business. How general liability works. General liability insurance gli also known as commercial general liability cgl insurance can help protect your business if someone sues you for causing property damage or bodily injury.

A certificate of insurance coi form also known as an acord certificate of liability insurance is a document that establishes proof of insurance. Under a general liability insurance policy the insurer is obligated to pay the legal costs of a business in a covered liability claim or lawsuit. It lists on one page your liability insurancepolicies your coverage limits and your policy effective dates. On the most basic level the commercial general liability cgl policy covers against lawsuits alleging bodily injury personal injury and property damage due to negligence on the part of the insured.

The most recent iso edition for contractors is the cg 0001 1207. This shows everyone involved that you are adequately insured. It will list the named insured the person or entity with the most responsibility and who pays the premium and it will also contain additional insureds on the policy. General liability gl insurance sometimes called small business liability insurance or commercial liability insurance provides insurance coverage for your business against claims made by others including bodily injury damage to property or personal injury.

The insured is the entity and or person shown on the policy along with some other folks such as employees etc. One of the coi documents that bcs handles most frequently is the acord 25 form a standardized template document often used to represent any of the five main types of insurance policies. The commercial general liability policy provides coverage for liability assumed under certain contracts if the liability meets the other terms and conditions of the policy. Covered liability claims include bodily injury property damage personal injury and advertising injury damage from slander or false advertising.

You can get this insurance as a standalone policy or bundle it with other coverages in a business owner s policy bop.