A form of insurance coverage called comprehensive general liability (CGL) is made to shield companies against a wide variety of risks and obligations. It covers a range of potential risks, including property damage, bodily injury, and personal injury, that may result from commercial operations. CGL insurance can assist firms in paying for legal defense expenses, settlements, and judgments in the event of a covered incident.
Typically, the United States and its territories, Puerto Rico, and Canada make up the CGL coverage area. Some policies, however, might not provide coverage for some nations, such as those that are seen as politically unstable or high-risk. For their operations and activities, policies should be thoroughly reviewed by firms to make sure they are adequate.
A CGL policy may provide coverage for a variety of injuries, including slip-and-fall incidents and product liability lawsuits. For instance, if a client slips and falls in a store’s parking lot, is hurt, and sues, the firm’s CGL policy can pay the costs of the lawsuit as well as any damages that are awarded. Similar to this, a company’s CGL policy can offer coverage if it is sued over a faulty product that results in harm or property damage.
Remember that CGL plans frequently have exclusions and restrictions and might not cover all kinds of claims. For instance, deliberate actions like violence or assault are often not covered. Furthermore, the amount of coverage that is provided for specific claims categories, such as product liability, may be limited under some plans.
In general, CGL insurance is a crucial tool for organizations to use to safeguard themselves from liabilities and dangers. To make sure they have the right coverage for their particular needs and operations, businesses must carefully analyze their policy and consult with an expert insurance professional.