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
General Liability Insurance Coverage
• 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 coveredGeneral 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.