Insurance and risk
general liability insurance (CGL)
General liability insurance is business coverage for claims of injury or property damage to other people. NAIC defines commercial general liability as flexible and broad commercial liability coverage with two major sub-lines: premises and operations, and products and completed operations. Policies differ in limits and exclusions.
Why it matters
A portable storage company might face a claim if a container slips during delivery and damages a driveway or hurts someone. General liability can respond to that kind of claim. It does not cover everything. It usually does not cover the company's own property, employee injuries or its vehicles. A common mistake is to assume one policy covers every risk. Operators often need auto, workers compensation, property and cargo coverage too. A licensed agent can explain the right mix. Customers may ask a provider for a certificate of insurance. This is not insurance advice.
Read: Insurance for portable storage companies: What coverage to ask about
Definition source: content.naic.org
Related terms
commercial auto insurance
Commercial auto insurance covers motor vehicles that a business owns or uses. NAIC defines it as coverage that protects the insured against financial loss from legal liability for motor vehicle injuries or damage to others' property caused by accidents tied to ownership, maintenance, use or care of a vehicle.
workers compensation
Workers compensation is insurance that covers an employer's liability for injuries, disability or death of people in its employment, without regard to fault. NAIC describes it that way, as set by state or federal workers compensation laws. Most states require employers to carry it, with some exceptions.
certificate of insurance
A certificate of insurance is a document that summarizes an insurance policy and gives proof of coverage. GEICO says it shows the type of coverage, policy limits, effective dates and who is covered. It does not replace the actual policy or give coverage rights to the requester unless that person is an additional insured.
inland marine insurance
Inland marine insurance is property coverage for items that move or sit away from a fixed location. NAIC says it covers property in transit, held by a bailee, at a fixed location, or movable goods often at different locations. Progressive describes it as coverage for tools, equipment and products stored away from your business.
cargo insurance
Cargo insurance protects goods that a carrier hauls for others. Progressive Commercial describes motor truck cargo insurance as protecting goods and materials transported by for-hire truckers against events such as fire, collision and theft. It protects both the carrier and the cargo owner.
contents coverage
Contents coverage is protection for the items stored inside a container. PODS explains two kinds of protection: contents protection covers the container and your contents against accidents, burglary and vandalism in listed settings, and container-only protection covers just the container. Terms and exclusions vary by company.
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