COMMERCIAL GENERAL LIABILITY
Commercial insurance—covers injuries and/or property damage that occurs due to your actions while performing your occupation. (maybe an object is dropped by one of your employees that injuries someone or causes property damage while doing their job, or maybe someone slips on a wet spot left on floor, or maybe a flooring item wasn’t secured properly causing a tripping hazard).
It also will cover injuries and/or property damage caused from the finished project of your occupation, (i.e. homeowner has party where deck collapses after it is completed causing injuries and/or damage; or maybe a valve was installed poorly later causing leakage and property damage).Completed products is covered under most Commercial General Liability policies.
Policy usually has preselected limits you choose to pay for that are paid out for injuries and/or property damage. Typically there is an ‘occurrence’ amount, coverage limit per any one occurrence (claim); and an ‘aggregate’ amount or coverage limit to be possibly paid out over the 12mth policy period.
Coverage Payments are made when it can be shown that you/your business was legally liable for the actions/events that cause the injuries and/or property damage. Most policies will also cover your legal expenses when a suit or accusation is brought against you and/or your business.
There are typically deductibles involved in General Liability policies.