Commercial Insurance For Southern California
This coverage is a monoline policy intended to protect the insured (by defense and paying covered claims) when sued. It has several limits, each with a different purpose.
Typically, a policy will have a limit of $1,000,000 for any one claim brought against the named insured. This coverage will address Premises Liability, Contractual Liability, and more. There is an Aggregate (or maximum amount), typically $2,000,000, which is the most the Carrier will pay out in any year’s policy.
There is a Medical limit, which applies to all medical expenses for an accident that occurred within your business premises. Another is the Products and Completed Operations limit, which addresses the work accomplished. For instance, a contractor or manufacturer creates a product. In time, the result of that product may be the cause of a claim resulting in not only the loss of the product, but the loss of income due to this loss and a variety of related losses caused by the product’s failure to property or persons. Then, there is Tennant Liability, which covers damage done to your location, by you or an employee in a property rented by you.
Many factors play into the choice of Commercial General Liability (CGL). These variables include the following: whether the defense is within the limits, if it is Occurrence based or Claims Made, the AM Best rating of the Carrier (or its stability), if it is Excess or Admitted, whether adequate Additional Insureds can be obtained and at what cost, what wording will be allowed on Certificates, if there is Contractual coverage, what are the sub limits, what exclusions apply, and what audit procedures apply, to name a few.
Secure your business and apply for a commercial insurance policy with a wide range of protection. Reach out to Cullen Insurance Agency to get some of the most affordable coverage options for businesses in Southern California. Our team of experts, who has years of experience and industry knowledge, will provide you with award-winning customer service. Call us today to get liability protection for all your business needs.