Commercial General Liability Insurance Policy - Definition, Coverage, Benefits and Claims Process
Secure your Business from Claims of Bodily Injuries and Property Damage
A Commercial General Liability Insurance Policy is one of the most important types of Insurance and a must have Insurance Policy for a Business. In today’s times of increasing litigation, Businesses are at a greater risk of getting sued by Third Parties like their Customers for any Bodily Injury or Property Damage they might suffer.
Companies have been sued for small incidents like a Customer slipping and getting injured within the Business Premises or on account of Company’s Advertisements containing Misleading Information. Though these incidents are small, an adverse ruling by the Court has resulted in the Company having to pay substantial money towards defending such claims in courts and also towards compensatory damages.
With increasing litigation, such cases are only likely to increase in future. Hence, every Business should purchase a Commercial General Liability Insurance to protect itself from such Claims. A Commercial General Liability Insurance Policy (also known as a CGL Insurance Policy) protects the Insured from claims of Bodily Injury or Property Damage and Personal and Advertising Injury.