In the blue corner, with a fearless record of 10+ years in business, you. In the red corner, with a record of a million wins by knockout, Murphy.
An entrepreneur’s life is in many ways very similar to that of a pro fighter’s. It takes years of “blood, sweat and tears” to be able to compete in the main events. But, as you focus on your next bout, the next contender, an unpredictable “loose cannon”, has a way of getting under your skin when you least expect it.
In insurance terms, that pesky contender is named “Murphy” (after Murphy’s Law); and if you haven’t surrounded yourself with the best entourage to face Murphy, he will drag into a twelve round fight, then deliver the final “KO”.
How dirty does Murphy fight?
Murphy can wreak havoc on your operations no matter what type of business you’re in. For example:
- A customer slips in your retail store and breaks their hip.
- Your window washer company employee accidentally drops a tool, causing minor injury to a nearby pedestrian.
- Your licensed carpenters make an unlicensed plumbing repair in an apartment, causing a massive flood in a 10-floor building.
- Your state-of-the-art potato peeler slices through a renowned musician’s thumb, causing multiple surgeries which prevent him from working.
- Your employee accidentally sets fire to a hotel room while away on an international business trip, causing severe damage to other rooms and one death.
While these unpredictable scenarios are virtually limitless, the outcome is usually a long-drawn-out (legal) fight with you as the loser by submission.
The good news is (1) you’re not a pro fighter and (2) a well-crafted Commercial General Liability policy can help.
Commercial General Liability insurance, commonly known as “CGL”, protects your business against liability claims related to your premises, products and completed operations as well as advertising and personal injury liability.
In the event of:
- Bodily injury, harm, sickness, disease, or death resulting from the operations of your business
- Damages caused to property of others
- Damages caused by defective product sold or manufactured
- Damages caused to a building that is rented or lease from a landlord
- Damages arising out of offences such as libel or slander
Your CGL insurance will protect you in two ways:
- Pay for attorney and other court fees if you are sued for damages
- Compensate the plaintiff if courts render you responsible
While your CGL insurance protects your business against costs related to legal disputes arising from damages caused to third parties, we highly recommend you maintain regular quality control of your products and services and implement further preventive measures as per your business requirements.
Get the right crew in your corner
Because exclusions and conditions may vary depending on the insurer, it’s important that you get the right coverage for your needs. Contact an expert at LMBF for a 15-minute chat about on our tailored General Insurance Liability solutions – it’s 100% informative and commitment-free.
