Owning and running a building/business is an enormous undertaking and responsibility. Disaster, theft, breakage, lawsuits and business interruption can be extremely disruptive to your business and to those who utilize your building, making it extremely important to have an insurance policy that can protect you and your asset.
Locke Insurance Group provides building owners with customized insurance plans and packages specifically tailored to fit your business needs. We insure commercial property, apartments, offices, buildings or offices leased to others, HOAs, warehouses, storage facilities, distribution centers, covered parking structures, schools, and institutional buildings.
What does Florida Commercial General Liability cover?
Liability insurance, also called Commercial General Liability (CGL), covers four categories of events for which you could be held responsible: bodily injury; damage to others property; personal injury, including slander and libel; and false or misleading advertising. CGL coverage pays for the injured party’s medical expenses. It excludes your employees, who are covered by workers compensation. (For details see workers compensation section of this site.) Bear in mind that even trespassers can sue you if they fall and get hurt on your business premises!
There are three types of legal damages people may sue you for that are typically covered by a CGL policy:
- Compensatory damages: financial losses suffered by the injured party and future losses they may suffer resulting from an injury they claim in the lawsuit.
- General damages: non-monetary losses suffered by the injured party, such as pain and suffering or mental anguish.
- Punitive damages: additional penalties and charges the defendant must pay