Commercial General Liability Insurance Policy

Generally, all businesses are prone to liability risks and have a probability to cause un-intentional harm. Commercial general insurance is imperative for certain industries like food and beverages, cosmetics and other beauty products, pharma, real estate companies, and manufacturing sectors where there are high chances of injury or damage. Further, service-based businesses, such as transport agencies, construction companies, and healthcare services also have liability risks. With a CGL insurance policy, businesses get the required financial security with cover for legal costs, and verdict settlement for lawsuits initiated by impacted third parties.

The businesses with CGL policy demonstrate strong commitment and preparedness for unprecedented risks. This is not only efficient risk management but also builds credibility of the company. Furthermore, with the rising claims on injury or loss caused within the insured property premises, it might impact the reputation of the company and also cause personal injury like slander or defamation. CGL policy ensures businesses have a professional reputation and minimize liability claims. Several organizations may have a mandatory clause to only work with businesses having commercial general insurance, making it important for contractual obligations. With a CGL policy, businesses can safeguard from the heavy compensatory amounts, protect the company assets, and prevent any reputational damage due to third-party claims causing crisis situations.

• Comprehensive coverage: With a comprehensive policy for commercial general liability, Covrzy ensures multifaceted protection against the liability risks which includes physical injury to third party, damage to external property and any claims related to slander, libel or defamation that cause personal injury to the business owners or reputational damage to the company.

• Customized Policies: Covrzy provides tailored general commercial insurance policy which aligns with the personal requirements of your business and risk potential based on the nature of the industry. The premium prices are personalized according to the specific business operations and aligning coverage amount with tailored risk requirements.

• Digital policy management: Covrzy presents a seamless digital experience with no hassles for paperwork and streamlined claims initiation and policy management via our dashboard. Now, you can have a simplified and smooth experience when buying marine insurance online.

• Fast claims settlement: Covrzy ensures speedy settlement for every claim initiated with CGL policy with streamlined claims process and expert intervention from submitting evidence and records, documentation, verification of damage to depositing the amount to ensure operational resilience for businesses.

• 24*7 customer support: Businesses have access to expert guidance through 24*7 customer support team of Covrzy. From understanding the distinct exclusions and inclusions of the policy or any doubts on processing of claims, our expert team is available at your service as per your convenience.

• Physical injury: For any injury to a third-party due to unintentional activities amid business operations or product utility, CGL policy provides the required compensation for medical expenses and supports the injured on behalf of the insured.

• Property damage: When business operations cause property damage owned by a third party, the commercial general liability insurance provides compensation to recover and repair the damages caused and restore the property to its earlier condition.

• Advertising injury or IP infringement claims: Coverage for any claims arising due to the advertising activities of the business, which extends to copyright infringement or allegations of promoting any false or exaggerated information about the product. However, different insurance companies have varying coverage limits according to the policy and business requirements.

• Legal defense costs: The commercial general liability insurance covers legal expenses for lawsuits due to claims arising from third parties for damage or losses due to business operations. The coverage provides compensation to manage the attorney fees, and any settlement costs after judgment.

• Intentional wrongdoing: The policy excludes coverage for any damages caused intentionally during the business operations or for any damage caused by the employees within the insured premises.

• Contractual liabilities: This policy is not responsible for any coverage in case of any obligations assumed under contracts which surpass the coverage guidelines for liability.

• Injury caused to employees: This policy does not cover any medical expenses or legal claims for any injury caused to employees during business operations or product utility. However, the same will be covered in Workers’ Compensation insurance.

• Professional negligence: For any errors, omissions or negligence caused when providing professional service, the commercial general liability insurance does not provide any coverage to represent the business for such claims.

• Personal property or assets: The commercial general liability insurance is intended to insure any damage or losses caused to third-party and will exclude any coverage for damage caused to the insured property contents or personal assets of the insured.

• Data breach: The data leaks, or breach of confidential data is not a part of the commercial general liability coverage, and will have a distinct insurance policy.

• Product guarantee and maintenance: For any issues such as product defects, wear and tear and any claims about the functioning of the products, there are distinct policies, and the CGL insurance does not provide any compensation for the same.

General Commercial Insurance is a type of liability insurance policy that provides coverage for any physical injury to a third party or property damage or any claims arising from it. When any unprecedented event occurs inducing insured to raise a claim under commercial general liability policy, the most immediate task should be to update the insurance company about the accident. Further, aggregate all the documents together with evidence of the damage (photographs, records of witnesses present and any official documents). When all the documents and forms related to initiating claims are submitted, the insurer will conduct an investigation to assess the damages and required compensatory amount. After the review, the insurer makes the final call to accept or reject the claims, and the coverage amount in case the claims for general commercial insurance are valid and eligible for settlement.

With a customer-centric approach, Covrzy focuses on simplifying business insurance and provides you with coverage that is specifically tailored to the personal requirements of the business. With Covrzy’s Commercial General Liability policy, you can experience a seamless claims process with:

• Expert consultation: With IRDAI certified advisors, we want to simplify business insurance for you and resolve all your queries on insurance products aligning with different facets of your business.

• Personalized support with tailored coverage: Covrzy presents tailored policies complying with industry guidelines and meeting your specific business requirements. With a 24*7 claims support, we are with you at every step of the process, from initiation, documentation to verification and settlement.

• Competitive pricing: Affordable business insurance premiums customized according to the specific coverage requirements of your business.

• User-friendly process: Alongside a seamless claims process, Covrzy has a user-friendly interface to help you easily calculate the premium cost and buy general commercial insurance online as well.

The commercial general liability insurance provides financial protection to business when any unprecedented event during business operations causes physical injury to a third party or causes damage to property. The policy also provides coverage for any advertising harm or any claims arising due to third party injury or damage. This is vital for retail businesses, food and beverages, pharma and healthcare, real estate and construction companies, as well as manufacturing units to ensure coverage for third-party liability.