{"id":1651,"date":"2013-08-13T20:21:18","date_gmt":"2013-08-14T01:21:18","guid":{"rendered":"https:\/\/www.insureyourcompany.com\/?p=1651"},"modified":"2024-07-16T11:36:35","modified_gmt":"2024-07-16T15:36:35","slug":"transferring-risk-from-businesses-to-insurance-companies","status":"publish","type":"post","link":"https:\/\/insureyourcompany.com\/blog\/transferring-risk-from-businesses-to-insurance-companies\/","title":{"rendered":"Transferring Risk from Businesses to Insurance Companies"},"content":{"rendered":"<p>Commercial General Liability (CGL) is a form of property and casualty insurance that business should have to protect them against liability claims. It mitigates the risks and costs associated with a business being sued.\u00a0 Instead of liability claims resulting in expensive and timely litigation, the risk is transferred to the insurance carrier that the policy is in place through.<\/p>\n<p><img decoding=\"async\" class=\"alignright\" title=\"Risk\" src=\"https:\/\/encrypted-tbn2.gstatic.com\/images?q=tbn:ANd9GcTV4dH4mdrZ29nXJksGjPHSiIfrrH6PwK9fC8v0WhbGB8oxJgxFSg\" alt=\"general liability insurance\" width=\"198\" height=\"255\" \/>Whether at fault for a claim or not, a business may still be held liable for damages that occur. The insurance carrier will cover the costs, up to the policy limit, that are associated with a claim made against a business having a Commercial General Liability policy.<\/p>\n<p>A company\u2019s exposure to a risk of liability can vary depending upon the different activities involved in conducting business.\u00a0 Specifically, a <a href=\"\/products\/general-liability-insurance\/\">general liability policy<\/a> is recommended if your business:<\/p>\n<ul>\n<li>Visits clients<\/li>\n<li>Has clients visit them<\/li>\n<li>Owns or leases expensive equipment<\/li>\n<li>Works offsite.<\/li>\n<\/ul>\n<p>Businesses are likely to face financial setbacks that are difficult to overcome without adequate coverage in place. Liability insurance could make the difference between having a successful and predictable business environment or an unpredictable one subjected to unforeseen expenses.<\/p>\n<p>Liability claims for bodily injury, property damage, and personal injury are all covered under a standard commercial general liability policy with adequate coverage. These damages and injuries can occur:<\/p>\n<ul>\n<li>On premise<\/li>\n<li>During operations<\/li>\n<li>From a product<\/li>\n<li>After the completed operations of a product<\/li>\n<li>Or through advertising.<\/li>\n<\/ul>\n<p>Advertising and personal injury can occur if another company feels as though it has been slandered\u00a0 verbally, in writing, or while marketing and advertising . When paying out of pocket, even a false accusation against a business nearly always results in some form of negative financial consequences. A Commercial General Liability policy serves as protection for businesses against these associated costs by diverting law suit expenses to insurance claims.<\/p>\n<p>Depending on the policy in place, an insurance claim through a Commercial General Liability policy can either be covered by occurrence or on a claims-made basis. \u00a0An occurrence policy handles injury or damage claims that occur while a policy is effective or in force, regardless of when the claim is submitted. A claims-made policy handles only claims that occur and are reported during the policy period. Typically, policies purchased on an occurrence basis have higher premiums than those purchased on a claims-made basis.<\/p>\n<p><em><span style=\"font-size: xx-small;\">Image courtesy of <a href=\"http:\/\/annualreporting.info\/\" target=\"_blank\" rel=\"noopener\">annualreporting.info<\/a><\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commercial General Liability (CGL) is a form of property and casualty insurance that business should have to protect them against liability claims. It mitigates the risks and costs associated with a business being sued.\u00a0 Instead of liability claims resulting in expensive and timely litigation, the risk is transferred to the insurance carrier that the policy [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[90,16],"tags":[],"class_list":["post-1651","post","type-post","status-publish","format-standard","hentry","category-general-liability-insurance","category-liability-insurance"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Commercial General Liability (CGL) is a form of property and casualty insurance that business should have to protect them against liability claims. 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Instead of liability claims resulting in expensive and timely litigation, the risk is transferred to the insurance carrier that the policy","twitter:creator":"@insureyourcomp","twitter:image":"https:\/\/insureyourcompany.com\/wp-content\/uploads\/2023\/09\/IYC-Logo-1.png?wsr"},"aioseo_meta_data":{"post_id":"1651","title":null,"description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"seo_analyzer_scan_date":"2026-05-13 04:25:30","breadcrumb_settings":null,"limit_modified_date":false,"reviewed_by":null,"open_ai":null,"ai":null,"created":"2025-02-24 11:55:35","updated":"2026-05-13 04:25:30","focus_keyword":null,"additional_keywords":null,"truseo_locale":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/insureyourcompany.com\" title=\"Home\">Home<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/insureyourcompany.com\/blog\/category\/liability-insurance\/\" title=\"Liability Insurance\">Liability Insurance<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\tTransferring Risk from Businesses to Insurance Companies\n<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/insureyourcompany.com"},{"label":"Liability Insurance","link":"https:\/\/insureyourcompany.com\/blog\/category\/liability-insurance\/"},{"label":"Transferring Risk from Businesses to Insurance Companies","link":"https:\/\/insureyourcompany.com\/blog\/transferring-risk-from-businesses-to-insurance-companies\/"}],"_links":{"self":[{"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/posts\/1651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/comments?post=1651"}],"version-history":[{"count":0,"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/posts\/1651\/revisions"}],"wp:attachment":[{"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/media?parent=1651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/categories?post=1651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insureyourcompany.com\/wp-json\/wp\/v2\/tags?post=1651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}