General Liability Insurance Oklahoma
What is
General Liability Insurance?
Commercial General Liability (CGL) is a business insurance coverage written to cover your exposure to 3rd party claims for bodily injury, property damage, or personal injury or lawsuits. Most general liability insurance policies in Oklahoma (OKC) and across the country are very broad and cover some of the following exposures shown in the graphic.
Why Does Your Business Need General Liability Insurance?
Most small companies in Oklahoma and throughout the US do need General Liability Insurance coverage. If you rent or own an office or commercial space, it is either required or a given that a business needs the security provided by a Commercial General Liability (CGL) policy.
In fact, one of the very first steps small businesses take when they set up shop, is to purchase CGL to safeguard the foundation of their business.
How Much Does
General Liability Insurance Cost?
The premium basis will vary on policies based on the type of business you own. Property type exposures tend to be rated on area while service and construction tend to be rated on Sales or Payroll. Each policy will have a page that lists your exposures and codes, the basis of premium, and the exposure they are using to determine your premium. You should review these to make sure they are accurate.
How Much General Liability Coverage
Does Your Business Need?
General liability insurance limits, whether you are in Oklahoma City (OKC) or in another state, may vary but standard limits available are $1,000,000 per occurrence. General liability insurance will also contain one or more "aggregates".
Aggregates are the most a policy could pay
in a year for that type of coverage.
The standard policy will have a "products and completed operations aggregate" and a "General Aggregate" for claims other than products or completed operations. If you wish to have a higher limit of general liability insurance than 1 or 2 million, you will have to purchase a Commercial Umbrella or Excess Liability Insurance.
General Liability
Insurance Endorsements
Endorsements are used to modify the standard general liability insurance policy. Some endorsements expand coverage, while others limit coverage. These can be used to customize your general liability insurance for your type of business.
Some types of widely used endorsements are:
Additional Insured - General Liability Insurance
Deductible - Liability Insurance
Exclusion Endorsements
Amendment of Limits
State Amendatory
Insurance Company Specific
What Does
General Liability Insurance Cover?
Property Damage:
Ownership, maintenance or use of the premises
Operations conducted or performed on or off the premises
Written contracts and agreements
Products manufactured, sold or distributed
Completed operations
Bodily injury
Advertising injury
Medical payments on the premises or at job sites, without regard to fault
What Does
General Liability Insurance Not Cover?
Employee injury
Personally Identifiable Information
Professional Errors