Commercial General Liability Insurance

Insurance is an essential element that every business entity needs- but one must ensure the right type of insurance. When there is plenty of insurance options for your business, one is in great demand that protects the firm against a lawsuit. This type of insurance is called Liability Insurance. General Liability insurance comes under the category of Liability Insurance.

Commercial General Liability plan provides protection against liability claims arising due to bodily injury or property damage for which your business may be liable. The policy covers a wide range of liability loss which may lead to a huge monetary burden on the organisation.

Why do you need General Liability Insurance?

You should make sure to hold a Commercial General Liability Insurance policy under the following scenarios -

  • If you interact your client on a frequent basis, regarding work
  • As a business entity, you get access to any of your client’s asset. Especially for IT professionals, it is advised to be covered by IT business liability insurance
  • If you are a representative of your clients business
  • If you at any point is using third party site for your business needs. For this matter, under Architect Business Liability Insurance.

Benefits of General Liability Insurance for SMEs:

You can protect your business from unforeseen events by purchasing General Liability Insurance which comes with the following benefits:

  • Bodily Injury: If any injury is caused to a third party visiting the office, resulting in major damage will be covered by General liability business insurance.
  • Property Damage: It covers your business against any liability arising from damages occurred to the property of others.
  • Personal Injury: The policy also covers you for an offence like false arrest, wrongful entry, negligence slander etc.

Liability Arising out of Advertising Rights: In case your marketing division violates the copyright rule of someone else and liability arises out of this is considered under General liability coverage

  • Contractual and Tenant’s Liability: If your business space is rented and any liability arises if you entered in a leased contract, the expenses will be covered under General liability business insurance
  • Lawsuits, Investigations, and Settlements: in case of a lawsuit against you, the insurance company will bear the expenses of an investigator and attorney, medical expenses if any.
  • Commercial General Liability insurance ensures that your business takes off without incurring unexpected financial loss. General liability business insurance assures a safe future of your business by covering almost all types of liability expenses.

General Liability Insurance Coverage

The list of General liability insurance coverage includes:

  • Lawsuits, Investigations and Settlements: If your business is being sued for any damage caused to a third party, the insurer covers the expenses of investigating officer or lawyer.
  • Medical Expenses: In case of an injury to a third party attending your office, the medical expenses will be covered by commercial general insurance India.
  • Damage or injury due to an accident in your premises or from your products, operations or promotional adds leading to a liability claim will be covered.
  • Liability arising due to damage to a third party’s property while visiting your office will be covered

General Liability Insurance Exclusions:

Commercial General Insurance doesn’t cover the below - 

  • Professional Errors: The insurer will only be covered for liabilities that are arising out of injury, property damage, disability etc. For any kind of professional errors, you should buy professional liability insurance. For instance- the web designed of your company has committed the client to deliver the latest designs to start a new website and failed to meet the deadlines. This caused the website to meet the probable sales goal during the picking The owner filed a lawsuit against your company due to loss of revenue. Well, the expenses to handle the lawsuit will be covered by professional liability insurance only.
  • Employee Injuries: This policy doesn’t cover any injury to employees. There is Workers' compensation insurance which helps you cover injury to the employees during their course of work. For instance- a factory worker slips and get injuries in his right leg. Only Workers’ compensation policy can cover the medical expenses, not General Liability policy.
  • Business Property Damage: A sudden fire outbreak has damaged the front part of your office. Well, with Commercial property insurance you can cover the loss. But don’t expect your General liability insurance will cover those expenses until any property of a third party is damaged.

General Liability Insurance Claims Settlement Process:

Buying general liability insurance a be smooth and hassle-free only if you know the claim process proper. Just ensure you have kept all the relevant documents handy and provide the insurance investigator with the right information. Whenever a liability claim arises immediately inform the insurer and complete the further formalities. However, the list of documents may vary insurer to insurer and settlement will be based on the fulfilment of the documentation.

How to buy Best Commercial General Liability Insurance

Buying the right type of insurance is what matters. With plenty of policy options and every insurer with innovative products have made the buying process bit difficult. Still, being a little smart you can ensure a fair insurance deal. First, analyse your insurance needs and buy. You can go for online insure to buy Commercial General Liability Insurance India.  Online insurance aids you with comparison benefit, where you can compare the various plans available in the market. You can compare the insurers on the basis of their claim settlement ration, coverage offered, premiums etc. it is the best way to ensure the right deal. If not you can visit a nearby branch and buy insurance offline. You will have to approach the insurance officer and pay the premiums by cash or cheque. Well, whatever mode you choose, just make sure that you do a careful groundwork and identify your necessities, i.e. exactly for what reason do you need general liability insurance cover for.

Q:

What does general liability insurance cover?

Ans:

General Liability Insurance aids you cover the costs of liability arising due to third party bodily injury, propery damage or advertising injury.

Q:

Will commercial auto accident be covered?

Ans:

No. General liability insurance doesn’t cover this.

Q:

Will this policy compensate for the damages to my own business?

Ans:

This policy is designed for third party liability only and thus it doesn’t cover any damage to your business.

Q:

Is it mandatory to have General liability insurance?

Ans:

Well, having general liability insurance is completely your choice. It is not mandatory till date. But with this policy, you can provide the much-needed monetary protection against liability.

Q:

What are the factors that affect general liability insurance cost?

Ans:

The factors that affect your premium for general liability insurance include:

1. How your business is exposed to risks. Usually, small business is more likely to risks than a large entity, hence the insurance cost a bit expensive

2. Insurance cost may vary based on where you operate your business from

3. A business with no employees or less employees is less likely to face a risk than a business with employees. When risk is lesser, the premium is at the lower side.

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