However, unlike what the term suggests, Comprehensive General Liability Insurance does not cover all general liability claims.
Liability claims are common for business owners and can be expensive even more if a claim steers toward a lawsuit. The need for a Comprehensive General Liability Insurance can arise in the following scenarios if you are a business owner:
You or your employees are in face-to-face interaction with a client
You or your company represent the client or their company
Your company has access to a client’s assets
Your company uses any third-party sites
The Comprehensive General Liability Insurance can protect business owners against the following claims:
Any incident on your property that resulted in the bodily injury of a third person. For instance, a customer can sue your company if they get injured because of a malfunctioning switch.
Any damage caused on someone else’s property by you or any employee from your company. For instance, your company can get sued for damaging something on someone else’s property
Damage caused to another company or individual through advertisement or copyright infringement. For instance, any photograph used without the owner’s permission or potential damage to someone’s reputation through your advertisements.
The Comprehensive General Liability Insurance can compensate for the legal costs if someone sues your company for any reputational damage caused by you or your employee.
It is also essential to note the claims that the Comprehensive General Liability Insurance does not cover.
The CGL insurance cannot cover any legal expenses if your company gets sued for unsatisfactory professional services. A Professional Liability Insurance can cover such claims.
Expenses incurred because of cyber security threats that cause harm to your company and customer data, which is what a Cyber Liability Insurance can help with.
Any form of damage to your company vehicles by you or any employee. Commercial Auto Insurance covers such costs.
Compensation to company employees for any illness or injury related to work. A Workers’ Compensation Insurance can cover such costs as treatment expenses or benefits./p>
Every business is different, and so are the factors determining the cost of a Comprehensive General Liability insurance policy. A few crucial factors are:
Factors that influence an industry and impact a company’s future in that sector.
The size of your company is an essential factor in assessing the value of claims.
The location of your company is a crucial factor. A risky location of your business can make it more difficult for the insurance company to protect your assets. For instance, a business in a flood-prone area can be considered a risky location.
A record of your claims history is another important factor in determining the cost of a Comprehensive General Liability insurance.
The cost of your General Liability Insurance will also depend on the coverage limit, which is the highest amount you will be paid for a claim.
Even with all the necessary measurements, there are chances of property damage, bodily injury, or reputational damage due to negligence. Regardless of the company’s size, you can benefit primarily from the Comprehensive General Liability Insurance that covers all the related claims to operate your business smoothly with zero concerns.
Secure your business with the Comprehensive General Liability Insurance from ICICI Lombard, with an improved understanding of risk management, financial strength, and dedicated risk engineers to help you in every step. A Comprehensive General Liability Insurance provides coverage for all such damages,
protects your business, and relieves you of the financial burden. ICICI Lombard understands your business and offers a one-stop solution for all your insurance-related concerns and requirements through a hassle-free process.
- Liability Insurance
- Product Code: 4066
- Product UIN: IRDAN115CP0001V01202021