SBI Commercial General Liability Insurance

SBI Commercial General Liability Insurance protects your business from legal claims resulting from third-party injuries, property damage, or advertising issues caused by your operations or products. It offers financial security and helps your business run smoothly, free from the worry of unexpected legal troubles.

₹1 Crore cover starting at ₹4,720/year⁺

Safeguard your business against

claims of bodily injury

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Features of SBI Commercial General Liability Insurance

The features of the SBI Commercial General Liability Insurance are as follows:

Two-Part Coverage: The SBI CGL Insurance Policy comprises two sections: Public Liability (Section 1) and Product Liability (Section 2). Depending on your specific business needs, you may choose both or either of them.

Protects Products and Premises: This policy protects your business against risks arising from your products, work premises, and day-to-day business operations.

Optional Add-Ons: For extra protection, you may pay more to include additional coverages tailored to your specific risks.

Comprehensive Coverage: It offers a vast extent of coverage, including bodily injury, property damage, and personal and advertising injuries.

Extended Reporting Period: It provides up to 60 days (extended reporting window) to report unnotified claims if the policy ends for reasons other than non-payment of premiums.

SBI Commercial General Liability Insurance Inclusions

The inclusions under the SBI CGL Insurance policy are as follows:

Bodily Injury and Property Damage: The policy covers liabilities arising from third-party injury or property damage caused by the following reasons:

Flaws in your products after they leave your premises

Accidents on your premises

Work-related incidents outside your site, not involving products

Personal and Advertising Injury: It covers issues like libel (defamation) or copyright violation in advertisements.

Legal Defence Costs: It covers all costs, fees, and expenses that your business incurs for investigating, defending, or settling a claim.

Medical Payments: The policy also pays for medical expenses of third parties injured on your business premises, regardless of fault.

Cross Liability: The policy treats each insured entity as a separate party. This allows for claims made by one another (except for the named insured) to be covered. However, the total payout will not surpass the policy's overall limit.

Disclaimer: This is not a complete list. Please read your official policy documents carefully for full details on all inclusions.

SBI Commercial General Liability Insurance Exclusions

Certain scenarios are not covered under the SBI Commercial General Liability Insurance, including:

Intentional Acts: It excludes obligations stemming from intentional actions causing harm.

Contractual Liabilities: The policy does not cover contract-based liabilities unless they exist independently or are specifically mentioned in the Policy Schedule.

Employee Injuries: It does not include injuries to employees. These are generally covered under Workers' Compensation Insurance.

Pollution: It excludes liabilities due to pollution unless resulting from a sudden and accidental event.

Professional Services: The policy does not cover claims arising from hiring professional services like consulting or advisory roles. Such exposures are typically covered under a separate Professional Indemnity Insurance.

War and Nuclear Risks: It excludes damages resulting from war, terrorism, or nuclear incidents.

Fines: The policy does not cover fines, penalties, or punitive damages.

Pre-coverage products: The policy does not include products that were left out of your control before the insurance period kicked in.

Disclaimer: This is not a complete list. For full details on all exclusions, please refer to your official policy documents.

SBI Commercial General Insurance Claim Process

Here's how the claim process works:

Notify SBI General Insurance: As soon as an incident happens, report to SBI General Insurance via email.

Submit Necessary Documents: Provide all necessary documentation to support your claim.

Investigation and Assessment: SBI General will review the documents once the claim is reported. They may assign a surveyor or investigator to assess the situation.

Claim Decision: After evaluating your claim, SBI General Insurance will either approve or reject it, depending on policy terms and coverage.

Settlement: If the claim is approved, the company will compensate you per your policy's terms and limits.

FAQs

Q1. Who should buy SBI CGL Insurance?

Ans: Any business, irrespective of its size or industry, that involves third parties (clients, vendors, or the general public) should consider buying this policy.
Q2. Can I customize the policy?

Ans: Yes, you can tailor the policy by selecting appropriate coverage limits to suit specific operational risks.
Q3. How is the premium determined?

Ans: Premiums are based on factors like the nature of the business, turnover, risk exposure, and selected coverage limits.
Q4. Is there a waiting period for claims?

Ans: While there is no standard waiting period, timely intimation and documentation are crucial for hassle-free claim processing.
Q5. Does the policy also cover advertisement-related issues?

Ans: Yes, it protects against slander, libel, and copyright violation in advertisements.