Commercial General Liability Insurance

This insurance is vital for businesses, though not legally mandated, to cover expenses for bodily injury, personal injury, and property damage caused by the business's operations, products, or injuries that occur on the business's premises. CGL insurance shields against liability claims, safeguarding from financial losses.

Coverage

  • Bodily injury: Covers medical expenses, lost wages, and pain from injuries on-premises or due to business operations or product use
  • Property damage: Covers repair or replacement costs for property damage caused by business operations or product use
  • Personal injury: Covers damages from libel, slander, copyright infringement, and other injuries caused by business or product use
  • Advertising injury: Covers damages from false or misleading advertising by business or product use

Costing

  • The cost of CGL insurance depends on business size, type, coverage level, and risk profile
  • Despite variations, CGL insurance is generally affordable

Points to consider

  • Engage an experienced broker when purchasing CGL insurance to ensure expertise in the subject
  • Understand the terms and conditions of your policy to be aware of the coverage and exclusions

Claim Process

1

Incident notification

2

Assignment of claim handler

3

Documentation and information gathering

4

Investigation

5

Coverage determination

6

Claim settlement/negotiation

7

Claim resolution

8

Thank You

Note: The claims process can vary depending on the specific circumstances and the policies.

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P&L(Preferable in excel format)