Commercial general liability insurance

So, what is CGL insurance?

CGL Insurance, aka: commercial general liability insurance, protects your business in the event that it causes third-party property damage or bodily injury. In other words, it covers you if your company is held responsible for causing harm to another person or entity.

In short, commercial general liability insurance protects your business if it causes tangible damage, which makes it an important coverage to have, no matter what kind of business you run.

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This is a difficult question to answer!

Business insurance policies range from $500 per year to hundreds of thousands of dollars, and in some cases it can cost millions per year. Here are a few factors that are taken into consideration to determine your CGL Insurance costs:

• Your industry
• Your business’ annual revenue
• Your claims history
• Your experience in the field

Because there are so many factors, the best way to get an accurate estimate of the cost of commercial general liability insurance for your business is to get a quote.

Speak with one of our dedicated commercial insurance brokers today to get a custom quote.

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There are two main reasons that your company needs a commercial general liability policy:

1. Your landlord may require it before your business is allowed to take possession of a commercial rental unit.
2. To protect your business in the event it’s deemed liable for causing damage to a third party.

Bonus: A CGL policy provides a lawyer to defend you on the dime of the insurance company.

Need commercial general liability insurance for your business?

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It depends on the complexity of your business.

If you’re a manufacturer, the process may take a little bit longer because it’s important for the insurance broker to understand your risk exposure.

On the other hand, if you’re looking for a basic CGL policy in order to move into a new building, it can take as little as 5 minutes.

Ready for a commercial insurance quote?

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Here’s the breakdown of your average business liability insurance policy:

• Products-completed operations: Protection if a product you sell or service you provide causes third-party harm.
• Personal & advertising injury: Protection if you are accused of libelling or slandering another person or entity.
• Tenant’s legal liability: Coverage if you’re a tenant in a building and you cause damage to your particular unit that is owned by the landlord.

Commercial general liability ensures that you’ve covered all of your bases when it comes to protection against these risks to your business.

Ready for a quote?

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Depending on the industry you work in, insurance companies will take a rate per $1,000 and then multiply it by the business’ annual revenue. If you’re a company that is just starting out and you’re unsure of projected annual sales, an estimation will do just fine.

As always, the best way to get an accurate projection of your business insurance costs, is to get a personalized quote.

We can help with that.

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It’s simple: Property insurance is coverage for your physical assets. Casualty insurance is just another term for liability insurance.

Need commercial insurance coverage?

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Yes, it’s the same thing. “CGL” is the short-and-sweet acronym used by insurance industry professionals like ourselves!

Looking for commercial general liability insurance in Ontario or Quebec?

Our brokers can help with that.

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Commercial general liability insurance covers your business in the event that it’s deemed liable for causing harm or damage to a third party.

This can include damages to property, bodily injury and product liability.

Need business insurance?

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All commercial insurance companies provide this type of liability coverage to businesses in Canada. In fact, liability is included on all insurance policies, even for home and car.

Consider liability a baseline coverage that all businesses should have in place.

You can read more about how commercial general liability insurance works on our blog.

Ready for a quote?

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One of the best ways to lower your business insurance costs is to shop around every 3-4 years to find the best commercial general liability insurance company and rates.

A broker like KBD can help you with this process as we have access to multiple insurance markets that provide CGL coverage.

Here are a couple other ways to ensure your CGL policy costs stay low:

• Make sure to educate your employees on risk management.
• Attempt to pay for small claims out of pocket.

Ready for a quote? Let’s get you the right business insurance coverage.

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KBD is a commercial insurance broker with 40+ years of experience. We work with the following business insurance companies to provide CGL insurance:

• Intact
• Lloyd’s
• Economical
• L’Unique
• CFC Underwriting
• & More

Let’s get you a business insurance quote.

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Speak to a business insurance broker like KBD!

You can also get quotes with companies like Desjardins, La Capitale and others. However, these companies do not have insurance products built for more complex liability risks. So, if you’re a company with millions in annual revenue, you’ll need to work with a business insurance broker.

Ready for a business insurance quote?

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