Cost
Commercial general liability insurance policies typically cover the costs associated with defending against lawsuits and paying for any settlements or judgments that may arise from claims of bodily injury, property damage, or advertising injury.
However, some general liability insurance policies may also offer coverage for supplementary expenses, which are additional costs that the insured may incur as a result of a covered claim. Supplementary expenses covered by commercial general liability insurance include:
- Costs to preserve or protect property from further damage after a covered loss.
- The insured's reasonable costs incurred at the insurer's request to aid in the investigation or defence of a claim.
- Court costs and legal fees for appealing a judgment against the insured.
- Interest on any judgments against the insured that accrue after a verdict is granted.
The unique way in which the cost of supplementary expenses covered by commercial general liability insurance can vary depending on the specific policy and insurer. Some policies may include a set amount of coverage for supplementary expenses. Others may provide coverage for these costs as part of the overall limit of liability for the policy. It is important for businesses to carefully review their commercial general liability insurance policy and understand the extent of their coverage for supplementary expenses.
Conclusion
Supplementary expenses covered commercial general liability insurance provides coverage for a variety of claims and damages that may arise from business operations. While the policy generally covers bodily injury and property damage claims, it may also provide coverage for supplementary expenses that result from a covered claim, such as legal defence costs, medical expenses, and other related costs.
Expert advice made easy
