How Much Does Commercial Liability Insurance Cost?
Commercial liability insurance is the most commonly purchased insurance product for businesses and is also one of the most misunderstood. Commercial liability insurance also is called many other things including:
- CGL Insurance
- General Liability Insurance
- Liability Insurance
- Comprehensive General Liability Insurance
- Commercial General Liability Insurance
- Etc.
No matter what it’s called the main purpose of commercial general liability insurance is to cover organizations from liability associated with bodliy injury or property damage that could be caused to third parties. Commercial liability insurance claims examples include slip and falls, damage a tenant causes to office space then rent,
Why Is Commercial Liability Insurance So Popular?
Commercial liability insurance is the most commonly purchased and often first P&C insurance product that organizations purchase mainly because it’s required contractually in all sorts of ways including:
- To satisfy lease or rental agreement requirements
- Respond to RFP’s & RFQ’s
- Get on construction sites
- Win tendered business
- Satisfy purchase order requirements
- Sign a distribution agreement
- Customer requirement
- Online retail requirement of Amazon, Wayfair, etc.
Soo…How Much Does Commercial Liability Insurance Cost?
As the insurance brokers at the commercial insurance brokerage ALIGNED Insurance are experts in helping clients with their commercial liability insurance needs we are regularly answering the question “how much does commercial liability insurance cost?” Unfortunately the answer technically is….it depends on a number of factors including:
- Projected annual revenue
- Scope of operations
- Type of products and/or services being offered
- Geography operating in
- Industry
- Geography where customers are
- Who customers are
- Quality control policies and procedures
- Source of materials and/or products
- Historic claims
- Insurance market conditions
Each policy needs to be underwritten based on it’s own attributes, but commercial liability insurance can cost as little as $200 per year and goes up to millions of dollars per year depending some or all of the above factors.
Ultimately the best way to find out how much does commercial liability insurance cost is to click to get a commercial liability insurance quote or call 1-866-287-0448 For A Business Insurance Quote Or Speak To An ALIGNED Insurance Broker Further About How Much Does Commercial Liability Insurance Cost?
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