Business liability insurance protects your business from the costs associated with liability claims—or claims that you, your employees, or your products have caused harm to a third party. A commercial general liability (CGL) policy is an essential part of your business insurance portfolio, and is your first line of defense against costly lawsuits.
All businesses are at risk for liability claims and lawsuits. Even if a lawsuit is unfounded, you still have to defend yourself, which is costly no matter what the outcome is. A New York commercial general liability policy pays for your attorney fees, as well as any settlements or judgments that you have to pay if you are sued.
New York commercial liability insurance doesn’t only pay for claims that you have physically injured another person or damaged his or her property. It also provides coverage if an individual or a business claims you have caused financial damage due to libel, slander, copyright infringement, or false advertising.
While the New York CGL policy offers very broad coverage for a variety of liability exposures, there are some exclusions. You may still need additional policies or endorsements for any special liability risks that you have.